§1960 Safe Harbor with Respect to Keep Open Directives

Summary

Lets a financial institution keep a customer's account or transaction open when a federal law enforcement agency notifies FinCEN that it will send a written "keep open" request and then sends that request, or when a State, Tribal, or local law enforcement agency sends the request with FinCEN’s agreement. If the institution follows the request’s timing and limits, it will not be liable under this chapter, and no federal or state agency may take adverse supervisory action under this chapter just for complying. Financial institution — an entity covered by section 1953(b) of this title. Agencies may verify a request with the law enforcement agency that sent it. The institution must still meet reporting duties, including suspicious activity reports under section 5318(g) of title 31. The protection does not cover actions before the request date or after the request’s termination date. Each request must include a termination date, and the requesting agency must send FinCEN a copy and, within 2 business days, say whether the institution implemented the request.