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| Compliance Blog covers FinCEN 314(b) Safe Harbor Guidance |
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The Financial Crimes Enforcement Network (FinCEN) issued a fact sheet clarifying how financial institutions can share information across institutions regarding suspected fraud, money laundering, terrorist activity, and other specified unlawful activities (SUAs) under section 314(b) of the USA PATRIOT Act.
The most recent America’s Credit Unions’ Compliance Blog post breaks down what credit unions need to know from the fact sheet.
The blog describes what is covered by the safe harbor, how credit unions can participate, limitations in data sharing, and if Suspicious Activity Reports apply.
Included in the guidance are several recommendations raised by America’s Credit Unions while engaging with FinCEN and other agencies.
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