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USA PATRIOT Act 314(a) Progress Update (February 2003? May 2004)

USA PATRIOT Act 314(a) Progress Update (February 2003 ? May 2004)

In the November 2003 issue of The SAR Activity Review ? Trends, Tips & Issues, FinCEN provided information about the results of the 314(a)31 requests sent to financial institutions from February through October 20, 2003. This section will update that process and includes 314(a) requests sent through June 30, 2004.

FinCEN submitted 285 Section 314(a) requests on behalf of 11 individual Federal law enforcement agencies to 33,735 financial institutions between February 18, 2003 and June 30, 2004. The agencies only submitted 314(a) requests in the conduct of the following significant criminal investigations ? Terrorism (103) and Money Laundering (182).

The 285 cases submitted included 1,988 subjects of interest. Through June 30, 2004, 14,135 positive responses were received from financial institutions, which were forwarded to law enforcement requesters by FinCEN. Of the 14,934 total responses received from financial institutions, 799 were inconclusive.

Law enforcement requesters were asked to provide information about the utilization of the financial information received for the 314(a) requests sent from February 2003 through June 2004. The requesters responded with the following results as of June 30, 2004:

  • 1,236 new accounts located;
  • 73 new transactions identified;
  • 601 Grand Jury subpoenas served;
  • 11 Search Warrants executed;
  • 129 Administrative Subpoenas/Summons issued;
  • 9 individuals arrested; and
  • 2 individuals indicted.

Excerpted from SAR Activity Review Issue 29, page 29

First published on 11/03/2003

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