Regulatory Alerts2009-06-16
Added
Guidance on the Scope of Permissible Information Sharing Covered by Section 314(b) Safe Harbor of the USA PATRIOT Act
FinCEN clarifies that financial institutions participating in the section 314(b) program may share information relating to transactions suspected of involving proceeds of specified unlawful activities while remaining within the safe harbor from liability. This permission applies provided the sharing is for the purpose of identifying and reporting possible money laundering or terrorist activity and meets the rule's requirements, such as notice to FinCEN and verification of other institutions' notices. The guidance further notes that while underlying information may be shared, the existence of a suspicious activity report itself remains confidential and cannot be disclosed to the subject of the report or others outside permitted agencies.