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Keep Accounts Open? Really?

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What is in the AML Act of 2020 about “keep open” directives? Are we liable if we keep accounts open?

No. With respect to a customer account or customer transaction of a financial institution, if a Federal law enforcement agency, after notifying FinCEN of the intent to submit a written request to the financial institution that the financial institution keep that account or transaction open (referred to in this section as a ‘keep open request’), or if a State, Tribal, or local law enforcement agency with the concurrence of FinCEN submits a keep open request—

‘‘(1) the financial institution shall not be liable under this subchapter for maintaining that account or transaction consistent with the parameters and timing of the request; and

‘‘(2) no Federal or State department or agency may take any adverse supervisory action under this subchapter with respect to the financial institution solely for maintaining that account or transaction consistent with the parameters of the request.


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First published on 03/14/2021

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