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FinCEN Issues Guidance on Requests to Keep Accounts Open, SAR Documentation
By Matt Squire
printA financial institution should ask for a written request from any law enforcement agency that asks it to keep an account open, according to the U.S. Treasury' Financial Crimes Enforcement Network (FinCEN). In guidance issued Wednesday, FinCEN said the decision whether to close an account lies with the institution, but complying with a law enforcement request may aid "efforts to combat money laundering, terrorist financing, and other crimes." In separate guidance, the agency clarified rules concerning supporting material for suspicious activity reports. In the case of requests to keep accounts open for federal law enforcement, financial institutions should seek a...
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