FinCEN's 314(a) Fact Sheet

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From BankInfo…

Section 314(a) of the USA PATRIOT Act of 2001 (P.L. 107-56)1 , required the Secretary of the Treasury to adopt regulations to encourage regulatory authorities 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 issued a proposed rule on March 5, 2002, and the final rule on September 26, 2002(67 Fed. Reg. 60,579). Section 314(a) requirements are now published in 31 CFR Part 103.100.

To read the Overview, click here…