The improved FinCEN 314(B): Teaming up to tackle AML/CFT

by CSI

Money launderers deploy a host of tactics to throw AML specialists off the trail, from investing in businesses and real estate to using a complex array of financial instruments. Often, they move money between multiple institutions or multiple accounts to obscure suspicious behavior and avoid the consequence of getting caught.

In the constant fight to protect your institution and its clientele, remember that you’re not alone. Section 314(b) under the USA PATRIOT Act paved the way for institutions to share information under a safe harbor that offers protections from civil liability. Considering FinCEN Director Kenneth Blanco’s recent remarks and a broadening of the provision, Section 314(b), a tool to better identify and report potential money laundering and terrorist funding, is worth revisiting.

Here’s a quick refresher, followed by an overview of the updates and reasons you should register if you haven’t already.

 

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