Compliance News

Read current news from a range of industry related categories.

May 16, 2018

FinCEN’s 314(a) Fact Sheet

The Financial Crimes Enforcement Network (FinCEN) provides a unique service to law enforcement to help locate financial assets and recent transactions by subjects of criminal investigations.

This program is in furtherance of Section 314(a) of the USA PATRIOT Act of 2001 (P.L. 107-56), which requires the Secretary of the Treasury to adopt regulations to encourage regulatory and law enforcement authorities to share with financial institutions information regarding individuals, entities, and organizations engaged in or reasonably suspected, based on credible evidence, of engaging in terrorist acts or money laundering activities. FinCEN established the 314a Program through the issuance of a rule (finalized in 2002 and, as amended, now at 31 CFR Part 1010.520), which requires certain financial
institutions to search their records and identify if they have responsive information with respect to the particular investigative subject.

Please select the link below to read the entire fact sheet.

View Article Source →