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.”

Any institution receiving such a request should obtain it in writing and it should include the duration of the request, not to exceed six months. However, subsequent requests could be issued. Documentation should be maintained for up to five years. In these instances, institutions will be required to continue their suspicious activity reports and other filing requirements.