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FinCen 314 (a) - Scanning & Storing New Accounts

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Regarding FinCen 314 (a) requests. If we have a system that is able to keep a database of all FinCen inquiries and scan new accounts to that list, is that allowed? Or are we supposed to just scan our current clientele and not worry about any new accounts after the check date?

Aside from the delima you would be in about what to do if you got a "hit," they specifically asked you not to do that. The original instructions said it was not necessary and they repeated the observation in the Updated (12/04) instructions:

16. After conducting the one-time search of its records, does a financial institution have any further responsibilities concerning the named subjects?

Unless noted otherwise in a 314(a) request, a financial institution is not required by the request to close any account or take any other action with respect to an account or a transaction by virtue of a match with any named subject. A financial institution also should not maintain the attached list of named subjects for the purpose of evaluating whether to open an account or to conduct a transaction, unless the 314(a) request clearly states that the subject list should be treated as a government list for purposes of section 326 of the USA PATRIOT Act, Public Law 107-56. Section 314(a) lists are not official U.S. designations such as the OFAC list, but are names of persons under investigation. Therefore, FinCEN strongly encourages financial institutions not to maintain a 314(a) list for the purposes of determining whether to open an account or conduct a transaction, except where the instructions to a 314(a) request state otherwise.

It could not be cited as a "violation," but the examiners' response might border on incredulity.

First published on 5/16/05

First published on 05/16/2005

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