FinCEN Highlights Information Sharing Program Among Regulatory, Law Enforcement Agencies

FinCEN Patriot Act

On January 6, FinCEN released a fact sheet highlighting its Section 314(a) Program of the USA PATRIOT Act. Under the Section 314(a) Program, federal, state, local and foreign law enforcement are able to contact, through FinCEN, over 43,000 points of contact at more than 22,000 financial institutions to locate accounts and transactions of individuals or organizations engaged in, or reasonably suspected of, terrorism or money laundering. According to FinCEN, since its inception, the 314 Program has aided in 1,909 money laundering and 459 terrorism/terrorist financing criminal investigations. In addition, based on feedback from law enforcement, the Program has contributed to 95 percent of 314(a) requests lead to an arrest or indictment.