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#709748 - 04/02/07 01:28 PM 314b and Kiting
KYBanker Offline
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Joined: Jan 2005
Posts: 18
Does 314b cover Kiting? That is does this tenant provide safe harbor to discuss Kiting suspects with other Banks? Can Kiting suspects be discussed with other Banks without this safe harbor?
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#709750 - 04/02/07 01:35 PM Re: 314b and Kiting KYBanker
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
As I understand the rules, we can discuss circumstances related to suspected money laundering and terrorist activities. Unless you think the kiting is part of a larger money laundering situation, I wouldn't pursue under 314b.
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#711787 - 04/05/07 02:12 PM Re: 314b and Kiting BrendaC
Retread Offline
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Retread
Joined: Oct 2003
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Southeast
You might want to run this by your regulator or FinCEN. Check kiting is one of the specified unlawful activities under the money laundering statutes. I have seen instances where people convicted of check kiting have also been convicted for money laundering because of the check kiting activity. While it may be stretching it to call check kiting the same thing as money laundering, it would benefit both parties to be able to exchange information on the check kiting operation and the 314(b) would be a good way to do it.
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#711834 - 04/05/07 02:40 PM Re: 314b and Kiting KYBanker
Elwood P. Dowd Offline
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Joined: Aug 2001
Posts: 21,939
Next to Harvey
I agree with Brenda, but please take Retread's advice: Call FinCEN and let us know what they say. I called the Helpline yesterday with a similar question and was, er...taken aback by the response.
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#956750 - 05/09/08 03:46 PM Re: 314b and Kiting Elwood P. Dowd
Reed Offline
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Reed
Joined: Sep 2005
Posts: 1,251
West Coast
Has there been any guidance on this or good threads, etc. since this last post.

There are a few people here who want to sign up particularly to be able to share kiting info.

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#956758 - 05/09/08 03:49 PM Re: 314b and Kiting Reed
WonderWoman Offline
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WonderWoman
Joined: Mar 2007
Posts: 2,108
gone fishin'
Why would you want to share kiting info?

You're notifying the other bank & they could stop the activity before you - giving you the loss.
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#956774 - 05/09/08 03:56 PM Re: 314b and Kiting WonderWoman
Reed Offline
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Reed
Joined: Sep 2005
Posts: 1,251
West Coast
Thanks for the quick response, but I am only looking at the compliance aspect of this for now. There are obviously other issues.

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#956788 - 05/09/08 04:06 PM Re: 314b and Kiting Reed
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
314b sharing is only possible for the categories of suspected terrorist financing and money laundering offenses. Information regarding possible kiting situations do not qualify unless related to the above two categories.
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