USA Patriot Act Section 314(a)

The Financial Crimes Enforcement Network (FinCEN) web site links to USA Patriot Act Section 314(a) Information.

The only information provided relates to "USA PATRIOT Act Section 314(a) information requests [which would] resume on Tuesday, February 18, 2003: "Information relevant to the operation of the system will be disseminated directly to participating financial institutions prior to that date. Financial institutions should refer questions on system operation to their primary regulator or to FinCEN (Regulatory Help Line 800-949-2732)."

According to a March 3, 2003 letter issued by the Federal Reserve Bank of San Francisco,

"On November 26, 2002, the Treasury Department announced a brief moratorium on information requests related to Section 314(a) of the USA PATRIOT Act.... Section 314(a) authorizes law enforcement authorities to communicate with banking organizations and financial institutions about suspected money launderers and terrorists. The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) developed an electronic system to implement Section 314(a). FinCEN sent out its first request over the electronic network on November 4, 2002. Due to problems associated with the mass distribution of information requests, the moratorium was put in place for all new and existing requests until certain logistical issues were addressed and additional guidance could be developed."

"FinCEN also issued general instructions, which will be provided with each 314(a) request, and Frequently Asked Questions (FAQs) concerning the revised 314(a) request process. FinCEN has sent a copy of the instructions and FAQs (either by e-mail or fax) to each financial institution on its current distribution list...."

"In order to ensure the most effective distribution of information requests about matters related to money laundering and terrorist funding activities, banking organizations are requested to assure that FinCEN has the most complete and up-to-date contact information possible."

FinCEN News Releases re USA Patriot Act Section 314(a).

Treasury Announces USA Patriot Act Regulations to Improve Information Sharing, November 26, 2002. -

Other Related SourceWatch Resources

 * Bank Secrecy Act
 * suspicious transactions