FinCEN Offers Guidance on Information Sharing for FIs in an AML Fight (Nov. 5, 2013)
The Financial Crimes Enforcement Network (FinCEN) late last week issued a fact sheet on Section 314(b) of the USA PATRIOT Act, offering guidance to help financial institutions understand permissible use of information sharing related to AML and counter-terrorist financing efforts. The fact sheet highlights the benefits of sharing information, which organizations are eligible to participate and how to do so, including what information can be shared. Under 314(b), financial institutions or associations of financial institutions may share information with each other regarding individuals, entities, organizations and countries for purposes of identifying, and, where appropriate, reporting activities that may involve possible terrorist activity or money laundering. While FinCEN encourages 314(b) information sharing due to its many benefits, financial institutions may voluntarily choose whether or not to participate, according to the agency.
