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FinCEN Offers New Guidance on SARs

The Financial Crimes Enforcement Network is asking financial institutions not to be too quick to close certain accounts despite suspicious or potentially criminal activity.

By Sarah Snell Cooke | Updated on June 18, 2007

WASHINGTON — The Financial Crimes Enforcement Network is asking financial institutions not to be too quick to close certain accounts despite suspicious or potentially criminal activity.

While FinCEN acknowledged the decision to maintain any accounts rests with the institution, the guidance (FIN-2007-G002) stated, “Although there is no requirement that a financial institutions maintain a particular account relationship, financial institutions should be mindful that complying with such a request may further law enforcement efforts to combat money laundering, terrorist financing, and other crimes.”

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