Section 314(a) Really Works
It may seem like a heavy compliance load to you, but Section 314(a) provides valuable data for law enforcement types. And the information does not sit unused in some warehouse. FinCEN's latest 314(a) Fact Sheet indicates that the system has sent out 370 requests in two years. The requests involve 134 cases on terrorism or terrorist financing and 236 cases on money laundering. When you consider that 370 requests were sent, the fact that there were 19,736 confirmed or possible matches is impressive. It's a 53:1 return. Even the 1,508 new accounts identified constitutes a 4:1 increase in valuable information.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 2, 2/05
First published on 02/01/2005