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Moratorium Official On PatAct 314(a): ntrol List To Be Discontinued

After a week of anticipation, a joint Agency notice has confirmed the moratorium on Section 314(a) information sharing requests so they can consider "...a number of logistical issues and questions with regard to the information request process instituted by FinCEN." Financial institutions were told no new requests would be forthcoming and they could cease any searching on requests already received until further notice.

After 314(a) was declared functional, some financial institutions had been inundated with requests for information that required quick response, with some small institutions reporting three and four emails a day. Confusion over what records were covered and what was to be reported caused a landslide of inquiries to FinCEN, the regulators, the banking associations, and on our web site - In spite of the intervening holiday, FinCEN managed to halt required response until they can improve the process for the requests that originate from law enforcement through the agency.

No More Control Lists
FinCEN also confirmed that future requests from the FBI will be processed through the Section 314(a) process, rather than using the former Control List process.

Important Response Required
If your financial institution has not received any requests from FinCEN via e-mail or FAX since November 4, 2002, you need to contact your primary federal supervisory agency to be added to FinCEN's contact list. You will need to provide: financial institution name and charter number or other identifier; point of contact name and title, mailing (street number, P.O. box, city, state, and zip code) and e-mail addresses; and telephone and FAX numbers.

For further information on where you must provide this information, access the press release regarding the moratorium at

Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 9, 12/02

First published on 12/01/2002

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