314a And 314b Information-Sharing Requirements Updates

Newest FinCEN guidance on section 314 and illegal activity. Learn the guidance for collaborating with other institutions.

In December, FinCEN released new guidance on applying section 314 of the U.S. Patriot Act governing information sharing. The global pandemic and changes to anti-money laundering regulations require you to adapt your practices.

Financial institutions are encouraged to share customer and transaction details to enhance compliance with anti-money laundering/counter-terrorist financing requirements. You need to understand what information you may share, when you should share it, and how to communicate with other financial institutions.

• What do the latest advisories regarding information sharing require?
• How does rescinding the previous guidance affect your institution?
• How can you balance customer privacy with government obligations?
• What information should you share with other financial institutions?
• When and how should you share this information?
• How must you act on AML information you receive?