Bank Secrecy Act (31 U.S.C.) § 5333 — Safe harbor with respect to keep open directives

bsa-31usc-5333

Bank Secrecy Act (31 U.S.C.), §5333 Safe harbor with respect to keep open directives. Captured section-complete from Cornell LII (verbatim).

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Verbatim regulatory text (6)

Verbatim provisions from Bank Secrecy Act (31 U.S.C.) § 5333 — Safe harbor with respect to keep open directives — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

31 U.S.C. §5333(a)

(a) In General.—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.

Source: Bank Secrecy Act (31 U.S.C.) § 5333 · source URL · snapshot d11236822d842cb4

31 U.S.C. §5333(b)

(b) Rule of Construction.—Nothing in this section may be construed— (1) to prevent a Federal or State department or agency from verifying the validity of a keep open request submitted under subsection (a) with the law enforcement agency submitting that request; (2) to relieve a financial institution from complying with any reporting requirements or any other provisions of this subchapter, including the reporting of suspicious transactions under section 5318(g); or (3) to extend the safe harbor described in subsection (a) to any actions taken by the financial institution— (A) before the date of the keep open request to maintain a customer account; or (B) after the termination date stated in the keep open request.

Source: Bank Secrecy Act (31 U.S.C.) § 5333 · source URL · snapshot d11236822d842cb4

31 U.S.C. §5333(c)

(c) Letter Termination Date.—For the purposes of this section, any keep open request submitted under subsection (a) shall include a termination date after which that request shall no longer apply.

Source: Bank Secrecy Act (31 U.S.C.) § 5333 · source URL · snapshot d11236822d842cb4

31 U.S.C. §5333(d)

(d) Record Keeping.—Any Federal, State, Tribal, or local law enforcement agency that submits to a financial institution a keep open request shall, not later than 2 business days after the date on which the request is submitted to the financial institution— (1) submit to FinCEN a copy of the request; and (2) alert FinCEN as to whether the financial institution has implemented the request.

Source: Bank Secrecy Act (31 U.S.C.) § 5333 · source URL · snapshot d11236822d842cb4

31 U.S.C. §5333(e)

(e) Guidance.—The Secretary of the Treasury, in consultation with the Attorney General and Federal, State, Tribal, and local law enforcement agencies, shall issue guidance on the required elements of a keep open request.

Source: Bank Secrecy Act (31 U.S.C.) § 5333 · source URL · snapshot d11236822d842cb4

31 U.S.C. §5333 note — source credit and editorial notes (not statute text)

(Added Pub. L. 116–283, div. F, title LXIII, § 6306(a)(1), Jan. 1, 2021, 134 Stat. 4588.)

Source: 31 U.S.C. §5333 note — source credit and editorial notes (not statute text) · source URL · snapshot d11236822d842cb4

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Source of record: https://claudeforcompliance.com/regs/bsa-31usc-5333/ · register bsa-31usc-5333 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.