Regulatory Alerts2002-03-04
Added
Special Information Sharing Procedures To Deter Money Laundering and Terrorist Activity
The Financial Crimes Enforcement Network proposes regulations under 31 CFR Part 103 to implement Section 314 of the USA PATRIOT Act, establishing procedures for information sharing among financial institutions and federal law enforcement agencies. The rule authorizes federal law enforcement agencies to request that financial institutions search their records for accounts or transactions involving individuals, entities, or organizations suspected of money laundering or terrorist activity, with FinCEN acting as the communication conduit. Financial institutions are required to designate a contact person, conduct the specified records searches, and report any matches to FinCEN while maintaining the confidentiality of the requests and refraining from alerting the subjects of the investigation.