FinCEN Encourages Information Sharing Between Financial Institutions

FinCEN Patriot Act

On October 31, FinCEN issued a fact sheet to highlight Section 314(b) of the USA PATRIOT Act, which provides financial institutions with the ability to share information with one another under a safe harbor that offers protections from liability. The provision is intended to help institutions better identify and report potential money laundering or terrorist activities. Though the program is voluntary, the fact sheet states the FinCEN strongly encourages information sharing through Section 314(b). The fact sheet reviews the institutions eligible to participate and the process for doing so, and details the information that can be shared and anticipated benefits to participating institutions.