Regulatory Alerts2002-03-04
Added
Special Information Sharing Procedures To Deter Money Laundering and Terrorist Activity
FinCEN adds Subpart H to 31 CFR Part 103, establishing voluntary information sharing procedures among financial institutions to detect, identify, or report activities involving money laundering or terrorist activity. Financial institutions must submit a certification to FinCEN via its website or mail, which remains effective for one year, and must maintain adequate procedures to protect the security and confidentiality of shared information. The rule grants a safe harbor from liability for sharing information under these conditions, provided the data is used only for specified anti-money laundering or counter-terrorist purposes, and allows for the revocation or suspension of certification for non-compliance.
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