Forced compliance with a subpoena for foreign bank records U.S. citizens are required to maintain under the Bank Secrecy Act does not violate the Fifth Amendment privilege against self incrimination, the U.S. Court of Appeals for the Second Circuit has ruled.
Agreeing that the “required records” exception to the privilege applies, the Second Circuit affirmed a contempt order issued by Eastern District Judge Joseph Bianco (See Profile) for failure to comply with a grand jury subpoena in a Brooklyn banking investigation.
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