VIENNA, Va. (11/1/13)--The Financial Crimes Enforcement Network (FinCEN) Thursday issued a fact sheet on a section of the USA PATRIOT Act that allows credit unions and other financial institutions to share information with one another.
The information sharing is permitted as a way to help identify and report suspected terrorism and money laundering activities. Financial institutions must notify FinCEN of their intent to share information and ensure adequate steps to maintain confidentiality.
The fact sheet explores such topics as the benefits of information sharing under FinCEn's 314 (b) program, who is eligible to participate in the program, what information can be shared, and more.
Use the resource link to access the fact sheet.