Regulatory Alerts2002-09-26
Added
Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
FinCEN establishes final rules under 31 CFR Part 103 to implement Section 314 of the USA PATRIOT Act, creating procedures for information sharing between financial institutions and law enforcement. Under Section 103.100, financial institutions must search records for current accounts, accounts from the preceding twelve months, and transactions from the preceding six months when requested by FinCEN on behalf of federal agencies. Section 103.110 expands the safe harbor for inter-institutional sharing to all financial institutions required to maintain anti-money laundering programs, replacing the previous certification requirement with an annual notice filed with FinCEN.
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