Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FinCEN broadens 314 a reporting rule
VIENNA, Va. (2/11/10)--There is a new Bank Secrecy Act (BSA) rule on the books, one that expands the list of law enforcement agencies that can submit 314(a) information requests to credit unions and other financial institutions. The rule, effective last week, permits foreign law enforcement agencies, and state and local law enforcement agencies to utilize Section 314 (a) requests. Section 314 (a) of the USA PATRIOT Act gives FinCEN the authority to request that a financial institution search its records to determine if the institution has maintained accounts for, or engaged in transactions with, certain individuals or entities suspected of terrorism or money laundering. The new rule also clarifies that FinCEN, on its own behalf and on behalf of other appropriate components of the U.S. Department of the Treasury, has authority to submit such requests. In a Federal Register document, FinCEN declared its modification of the information-sharing rules is part of Treasury’s “continuing effort to increase the efficiency and effectiveness of its anti-money laundering and counter-terrorist financing policies.” For details, use the resource link below.
Other Resources

RSS print
News Now LiveWire
#creditunion affinity card programs make the grade for schools See #NewsNow http://t.co/TThZIvMRTO
7 hours ago
Home-price appreciation softens further in July #NewsNow #Market http://t.co/0MXVy9sby0
9 hours ago
.@ChartwayFCU charitable arm, the We Promise Foundation, has reached the $1M fundraising milestone in a single year for the first time
10 hours ago
.@mncreditunions' Mark Cummins shares CU difference with @KIMTNews3 http://t.co/gkarhZxDRF
11 hours ago
.@LeagueofSECUs' brand campaign reaches 80M consumers #NewsNow #System http://t.co/yKmdYyXN2v
12 hours ago