FinCEN Activities
Does 314(a) actually work? You bet it does! FinCEN is having great success with the information gathered under 314(a). Their most recent fact sheet announced that the process enables law enforcement to access critical information from more than 25,000 financial institutions. As of early November 2004, the system has processed 358 requests resulting in 129 terrorism cases and 229 money laundering cases.
In terms of valuable information, think about this. The responses to the 314(a) queries have resulted in more than 18,000 positive matches. Imagine how long it would have taken law enforcement to track down those accounts the old fashioned way. The next time someone gripes about regulatory burden, think about who this is keeping off our streets.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 13, 11/04
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