Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
9 hours ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
10 hours ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
12 hours ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
13 hours ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
15 hours ago