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Highlights:
- On June 13, 2007, the Financial Crimes Enforcement Network (FinCEN) issued guidance for financial institutions with regard to requests by a law enforcement agency to keep particular accounts open. The guidance can be found at http://www.fincen.gov/Maintaining_Accounts_Guidance.html.
- Ultimately, the decision to maintain or close an account should be made by a financial institution in accordance with its own standards and guidelines.
- In the event of a request, the financial institution should ask for a written request that states the purpose of the request and the duration, which should not exceed six months. FinCEN recommends that financial institutions maintain documentation of such requests for at least five years after the request has expired.
- If the financial institution chooses to maintain the account, it is required to comply with all applicable Bank Secrecy Act recordkeeping and reporting requirements, including the requirement to file Suspicious Activity Reports, regardless of the status of the investigation.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officer
BSA Compliance Officer
Related Topics:
Bank Secrecy Act/Anti-Money Laundering
Programs
Attachment:
None
Contact:
Sr. Program Analyst Charles W. Collier at
SASFIL@fdic.gov or (202) 898-3673
Printable Format:
FIL-55-2007 - PDF (PDF Help)
Note:
FDIC financial institution letters (FILs) may be
accessed from the FDIC's Web site at:
http://www.fdic.gov/news/news/financial/2007/index.html.
To receive FILs electronically, please visit
http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters
may be obtained through the FDIC's Public
Information Center, 3501 Fairfax Drive, Room
E-1002, Arlington, VA 22226 (1-877-275-3342 or
703-562- 2200).
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