FinCEN Rule Expands Info Sharing Process to Deter Money Laundering & Terrorist Activity Posted by AVCU on 12:17 PM

On February 5^th FinCEN issued a final rule to amend the relevant Bank Secrecy Act (BSA) information sharing rules, associated with section 314A of the USA PATRIOT act, to allow certain foreign law enforcement agencies, and state and local law enforcement agencies, to submit requests for information to financial institutions. The rule also clarifies that FinCEN itself, on its own behalf and on behalf of other appropriate components of the Department of the Treasury (Treasury), may submit such requests. Modification of the information sharing rules is a part of the Treasury’s continuing effort to increase the efficiency and effectiveness of its anti-money laundering and counter-terrorist financing policies. For further information contact the FinCEN regulatory helpline at (800) 949–2732, option 2, or download FinCen’s pdf