§3420 — Title 12 Banks and Banking | U.S. Code

Summary

When a federal grand jury subpoenas a bank for a customer's records, the bank must give the records to the grand jury and let the jurors see them. If there are too many pages to hand over, the grand jury gets a written description of what the records contain. Those records can only be used to decide whether to charge someone, to prosecute that charge, or for other uses allowed by Federal Rule of Criminal Procedure 6(e) or by section 3412(a). If not used for those purposes, the records must be destroyed or returned to the bank. The government may not keep copies outside the sealed grand jury files unless they were used in a prosecution or are allowed under Rule 6(e). Bank officers, employees, agents, owners, or lawyers must not tell anyone named in such a subpoena about it when the investigation involves crimes against banks, drug crimes, money‑laundering and related reporting crimes, or conspiracies to commit those crimes. Violations are subject to enforcement under sections 1818 and 1786(k)(2).

Title 12, §3420

Banks and Banking — Source: USLM XML via OLRC

(a)Financial records about a customer obtained from a financial institution pursuant to a subpena issued under the authority of a Federal grand jury—

(1)shall be returned and actually presented to the grand jury unless the volume of such records makes such return and actual presentation impractical in which case the grand jury shall be provided with a description of the contents of the records.; 11 So in original.

(2)shall be used only for the purpose of considering whether to issue an indictment or presentment by that grand jury, or of prosecuting a crime for which that indictment or presentment is issued, or for a purpose authorized by rule 6(e) of the Federal Rules of Criminal Procedure, or for a purpose authorized by section 3412(a) of this title;

(3)shall be destroyed or returned to the financial institution if not used for one of the purposes specified in paragraph (2); and

(4)shall not be maintained, or a description of the contents of such records shall not be maintained by any Government authority other than in the sealed records of the grand jury, unless such record has been used in the prosecution of a crime for which the grand jury issued an indictment or presentment or for a purpose authorized by rule 6(e) of the Federal Rules of Criminal Procedure.

(b)(1)No officer, director, partner, employee, or shareholder of, or agent or attorney for, a financial institution shall, directly or indirectly, notify any person named in a grand jury subpoena served on such institution in connection with an investigation relating to a possible—

(A)crime against any financial institution or supervisory agency or crime involving a violation of the Controlled Substance Act [21 U.S.C. 801 et seq.], the Controlled Substances Import and Export Act [21 U.S.C. 951 et seq.], section 1956, 1957, or 1960 of title 18, section 5313, 5316, 5322, 5324, 5331, and 5332 of title 31, or section 6050I of title 26; or

(B)conspiracy to commit such a crime,

(2)section 1818 of this title and section 1786(k)(2) of this title shall apply to any violation of this subsection.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Rule 6(e) of the Federal Rules of Criminal Procedure, referred to in subsec. (a)(2), (4), is set out in the Appendix to Title 18, Crimes and Criminal Procedure. The Controlled Substance Act, referred to in subsec. (b)(1)(A), probably means the Controlled Substances Act, which is title II of Pub. L. 91–513, Oct. 27, 1970, 84 Stat. 1242, and which is classified principally to subchapter I (§ 801 et seq.) of chapter 13 of Title 21, Food and Drugs. For complete classification of this Act to the Code, see

Short Title

note set out under section 801 of Title 21 and Tables. The Controlled Substances Import and Export Act, referred to in subsec. (b)(1)(A), is title III of Pub. L. 91–513, Oct. 27, 1970, 84 Stat. 1285, as amended, which is classified principally to subchapter II (§ 951 et seq.) of chapter 13 of Title 21. For complete classification of this Act to the Code, see

Short Title

note set out under section 951 of Title 21 and Tables.

Amendments

2021—Subsec. (b)(1)(A). Pub. L. 116–283 substituted “, 1957, or 1960 of title 18” for “or 1957 of title 18” and “, 5322, 5324, 5331, and 5332 of title 31” for “and 5324 of title 31”. 2001—Subsec. (a)(2). Pub. L. 107–56 inserted “, or for a purpose authorized by section 3412(a) of this title” before semicolon at end. 1992—Subsec. (b)(1)(A). Pub. L. 102–550 inserted before semicolon “or crime involving a violation of the Controlled Substance Act, the Controlled Substances Import and Export Act, section 1956 or 1957 of title 18, section 5313, 5316 and 5324 of title 31, or section 6050I of title 26”. 1989—Pub. L. 101–73 designated existing provisions as subsec. (a) and added subsec. (b). 1988—Par. (1). Pub. L. 100–690 inserted “unless the volume of such records makes such return and actual presentation impractical in which case the grand jury shall be provided with a description of the contents of the records.” before semicolon at end.

Statutory Notes and Related Subsidiaries

Effective Date

of 2001 AmendmentAmendment by Pub. L. 107–56 applicable with respect to reports filed or records maintained on, before, or after Oct. 26, 2001, see section 358(h) of Pub. L. 107–56, set out as a note under section 1829b of this title.

Effective Date

Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.

§3420 Grand Jury Information; Notification of Certain Persons Prohibited

Summary

Title 12, §3420

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Short Title

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata