The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidance to encourage and promote appropriate, voluntary cross-border sharing of information between and among financial institutions, including appropriate foreign financial institutions.
The guidance aims to help combat the threats posed by money laundering, terrorist financing, and other illicit finance activity, including from drug trafficking organizations, foreign terrorist organizations, and fraudsters. The guidance clarifies that while financial institutions are prohibited from sharing Suspicious Activity Reports (SARs), as well as information that would reveal the existence of a SAR, the Bank Secrecy Act and its implementing regulations generally do not prohibit cross-border information sharing.
FinCEN is issuing the guidance in consultation with staffs from the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and National Credit Union Administration (NCUA).
Among other goals, this guidance furthers the President’s Working Group on Digital Asset Markets report, “Strengthening American Leadership in Digital Financial Technology,” by supporting greater information sharing.
You can view the guidance here.
For more information, email Heather Line.
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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