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Information-sharing protections reviewed by FinCEN
WASHINGTON (6/17/09)--The Financial Crimes Enforcement Network (FinCEN) in recent guidance said that financial institutions that take part in an information sharing list created by section 314(b) of the USA Patriot Act would be protected from any liabilities that may result from the sharing of certain information with other financial institutions. These institutions would be protected from liability by safe harbor provisions of Section 314(b) of the Act. However, FinCEN said, the information shared must be related to transactions that the financial institution “suspects may involve the proceeds of one or more specified unlawful activities,” including “money laundering or terrorist activity.” The financial institution must also ensure that both it and the institution it is sharing the information with have notified FinCEN of the exchange. Both institutions must also obey any restrictions governing the use of the information. For FinCEN’s release, use the resource link.
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