Regulatory Alerts2007-06-13
Added
Guidance on Requests by Law Enforcement for Financial Institutions to Maintain Accounts
Financial institutions must require written requests from law enforcement supervisors or attorneys to maintain accounts despite suspicious activity, with requests limited to six-month durations. Institutions are advised to document such requests for at least five years and notify law enforcement before closing accounts under investigation. Maintaining an account at law enforcement's request does not exempt the institution from Bank Secrecy Act obligations, including the filing of Suspicious Activity Reports.
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