FinCEN, States Agree to Share Info

The Financial Crimes Network and 29 of the nation's state banking departments signed information-sharing protocol agreements June 1 designed to help FinCEN better enforce the Bank Secrecy Act. The agreements followed a similar memorandum of understanding between the state of New York and FinCEN signed in April.

The agreements set a framework for sharing data under BSA anti-money laundering and anti-terrorism reporting and recordkeeping rules. FinCEN worked with the Conference of State Bank Supervisors (CSBS), the National Association of State Credit Union Supervisors, the Money Transmitter Regulators Association and the Internal Revenue Service to create model agreements, and the groups say they hope to reach similar understandings with all 50 states' regulators.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 6, 7/05