§5333 Safe harbor with respect to keep open directives

Summary

Allows law enforcement to ask a bank to keep a customer account or transaction open and protects the bank when it follows that request. If a federal agency tells FinCEN it will send a "keep open" request and then sends it, or if a state, tribal, or local agency sends one with FinCEN’s agreement, the bank will not be held liable under this law for keeping the account or transaction open as the request describes. Also, no federal or state agency may punish the bank just for complying with that request. Agencies may check the request’s validity with the requesting agency. The bank still must follow reporting rules, including suspicious-activity reports under section 5318(g). The protection does not cover actions taken before the request date or after the request’s termination date. Each request must include a termination date. The agency that sends a request must give FinCEN a copy and say within 2 business days whether the bank followed it. The Treasury Secretary, with the Attorney General and other law enforcement, will issue guidance on what information each request must contain.