Regulatory Alerts2010-02-10
Added
Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
FinCEN amends 31 CFR Part 103 to allow certain foreign law enforcement agencies, State and local law enforcement agencies, and FinCEN itself to submit requests for information to financial institutions under the 314(a) program. Foreign agencies must be from jurisdictions with reciprocal access or treaties, while all eligible State and local agencies with criminal investigative authority may participate. Requesters must certify that the subject is suspected of money laundering or terrorist activity, that money laundering matters are significant, and that traditional investigative methods have been exhausted. The rule becomes effective on February 10, 2010.
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