What is the FinCEN 314a list?

What is the FinCEN 314a list?

Section 314(a) of the Act authorizes the Financial Crimes Enforcement Network, or FinCEN, to provide to financial institutions a “Section 314(a) List” which contains the names of individuals or entities suspected of criminal activity, and to compel those financial institutions to supply information regarding the named …

What is Section 314a?

Section 314(a) of the USA PATRIOT ACT (implemented by 31 CFR 1010.520) encourages information sharing between law enforcement and financial institutions regarding individuals, entities, and organizations engaged in or reasonably suspected of engaging in terrorist activity or acts of money laundering.

What is the difference between OFAC and FinCEN?

What is the difference between FinCEN and OFAC? Both organizations are bureaus of the U.S. Treasury department; however, FinCEN requires searches for suspected criminals and OFAC searches identify known criminals.

How do I report a 314a match?

If the financial institution discovers a positive match while performing a retroactive search, it should contact the 314 Program Office’s toll-free number at (866) 326-8314.

Is 314a mandatory?

The USA PATRIOT Act requires risk identification, measurement, monitoring, controlling and reporting. Section 314(a) mandates information sharing between law enforcement agencies and financial institutions through the Financial Crimes Enforcement Network, or FinCEN.

What is Section 314 (a) of FinCEN?

FinCEN’s regulations under Section 314(a) enable federal, state, local, and foreign (European Union) law enforcement agencies, through FinCEN, to reach out to more than 34,000 points of contact at more than 14,000 financial institutions to locate accounts and transactions of persons that may be involved in terrorism or money laundering.

What should I do with my FinCEN tracking number?

NOTE: At least one regulator has indicated YOU SHOULD NOT KEEP THE FINCEN REQUEST ITSELF OR SHOULD KEEP IT ONLY IN A SECURE ENVIRONMENT. After the search has been completed, the list should be destroyed. You should only keep of log of the FinCEN Tracking number, the date(s) you searched, and an indication of whether you had a match.

Should financial institutions keep copies of Section 314 (a) requests?

If the financial institution elects to maintain copies of the section 314 (a) requests, it should not be criticized for doing so, as long as it appropriately secures them and protects their confidentiality. Audits should include an evaluation of compliance with these guidelines within their scope.

What is a 314 (a) list?

Upon receiving an information request, 98If the request contains multiple suspects, it is often referred to as a “314 (a) list.” a financial institution must conduct a one-time search of its records to identify accounts or transactions of a named suspect.