Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-The Financial Crimes Enforcement Network is shifting a small pilot program initiated for information sharing between financial institutions and law enforcement into full-scale practice. FinCEN is expanding the number of institutions it is inviting to participate in the gradual adaptation of a more tech-savvy delivery and reporting system in February for compliance with Section 314(a) of the USA PATRIOT Act. Section 314(a) mandates regulations encouraging information sharing between financial institutions and the federal government through the exchange of information regarding individuals, entities, and organizations engaged in or reasonably suspected of engaging in terrorist acts or money laundering activities. Under the new system, attachments will not be sent via e-mail to the designated points of contact, but FinCEN will e-mail a secure Web page linking to the required lists in various formats, including tab delimited, MS Word, and MS Excel. The Web site can also be used to return positive and inconclusive hits to FinCEN. FinCEN initially tested the system with 250 financial institutions and gradually increased that number to 30,000 last week. Questions and problems should be reported at (800) 949-2732.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.