Fraud


  The Financial Crimes Enforcement Network (FinCEN) issued guidance to financial institutions intended to clarify the use of an information-sharing tool that resulted from section 314(b) of the USA Patriot Act.

 

That part of the act allows participating financial institutions, upon providing notice to FinCEN, to avail themselves of a statutory safe harbor from civil liability for sharing information with one another to identify and report activities such as mortgage fraud that they suspect may involve possible terrorist activity or money laundering.

 

Financial institutions that participate in this information-sharing program must maintain adequate procedures to protect the security and confidentiality of that information. Participation is voluntary. More information is available at tinyurl.com/nc5oz7.

 

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