BSA/AML/CFT Information Sharing: Policies & Procedures

The FFIEC’s BSA/AML Manual section on “Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity” instructs examiners in assessing a financial institution’s compliance with Section 314 of the USA PATRIOT Act. This includes Sections 314(a) [Information Sharing Between Government Agencies and Financial Institutions] and 314(b) [Voluntary Information Sharing Among Financial Institutions].

At a minimum, an institution’s 314(a) and 314(b) policies and procedures should address the following, as applicable:

314(a)

• A designated point of contact for receiving information requests.
• The confidentiality/safeguarding of requested information.
• Responding to FinCEN 314(a) requests.
• If and when a SAR should be filed.
• The records to be searched.
• Any agreement or procedures to ensure confidentiality if a third-party vendor performs or facilitates 314(a) searches.
• Documentation to evidence compliance.

314(b)

• A designated point of contact for receiving and providing information.
• The confidentiality/safeguarding of information received/requested.
• Establishing a process for sending and responding to 314(b) requests, including that other parties with whom the financial institution intends to share (including affiliates) have filed the proper notice.
• If and when a SAR should be filed.