Two Congressmen Introduce Safe Harbor Bill for Financial Institutions

Washington, June 8, 2018

http://https//www.moneylaundering.com/legs_and_regs/two-congressmen-introduce-safe-harbor-bill-for-financial-institutions/?type=free

Two members of Congress introduced the Cooperate with Law Enforcement Agencies and Watch Act of 2018, which would provide a safe harbor for financial institutions that maintain a customer account at the request of a federal or state law enforcement agency.

Under the proposed bill, which was referred to the House Committee on Financial Services, a financial institution would not be liable for maintaining an account that federal or state law enforcement agency requests the financial institution keep open.

Specifically, no federal or state department or agency would be allowed t take any adverse supervisory action with respect to the financial institution for maintaining any such account.

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