The Financial Crimes Enforcement Network (FinCEN) continues to encourage financial institutions to work together to identify threats, vulnerabilities,
and bad actors in the financial marketplace.
Section 314(b) of the USA PATRIOT Act permits financial institutions and associations of financial institutions to voluntarily share information with one another—under a safe harbor that offers protections from liability—to better identify and report potential money laundering or terrorist activities.
Many different types of “financial institutions” are eligible to participate in the 314(b) program, including depository institutions (e.g., banks and credit unions), broker-dealers, casinos, insurance companies, money services businesses, and mortgage companies, among others.
According to FinCEN’s 314(b) Fact Sheet, voluntary participation in the 314(b) program can enhance an institution’s Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program with respect to:
Credit unions must comply with certain regulatory requirements to receive the protection of the 314(b) safe harbor, including:
Information regarding the 314(b) registration process is available on FinCEN’s website. Changes, updates, or deletions of current 314(b) registration information can be made through FinCEN’s Secure Information Sharing System (SISS).
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