Skip to content

Status of the USA PATRIOT Act Section 314(a)/Information Requests

On November 4, 2002, FinCEN's Section 314(a) system began operation. The system is designed to enable law enforcement to transmit the names of suspected money launderers and terrorists to financial institutions through e-mail and facsimile, and obtain responses of positive matches for certain account and transaction information for the suspects within seven business days. Ten transmissions were made, arising from both money laundering and terrorist financing investigations. Although, only the first request went through the entire process, each request resulted in the provision of useful information to law enforcement. However, responding financial institutions raised a number of questions and issues. The concerns led FinCEN, after consultation with the federal functional regulators and law enforcement officials, to place a moratorium on the Section 314(a) process until the issues could be addressed. On February 17, 2003, a public notice announced the resumption of the Section 314(a) system.

Excerpted from SAR Activity Review Issue 5, page 66

First published on 02/01/2003

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics