An institution can use information only for the following purposes: 1) identifying and reporting on money laundering or terrorist activities; 2) determining whether to establish or maintain an The objectives of section 501 (b) of the Act, and of this part, are to: ( 1) Insure the security and confidentiality of customer information; ( 2) Protect against any anticipated threats or hazards to the security or integrity of such information; and. ( 3) Protect against unauthorized access to or use of such information that could result in Financial institutions that are registered with FinCEN for 314 (b) information sharing can securely and confidentially collaborate using Verafin's 314 (b) Information Sharing technology. Investigators can easily send, receive, and respond to requests for information directly in the secure Verafin environment, expediting decision making in the the information will be made available to the financial institutions via the Section 314(a) Secure Information Sharing System (SISS). 9 The financial institutions must query their records 10 for data matches, including accounts maintained by the subject during the preceding 12 months and transactions conducted within the last 6 months. I. Section 314(a) - Information Sharing With Federal Agencies • The Rule Should Provide For the Government's Sharing of Information With Industry, as required by Section 314(a) Section 314(a) required Treasury to adopt regulations for the "specific purpose of encouraging regulatory and law enforcement authorities to share with On September 18, 2002, the Treasury Department issued three final rules concerning sections 313, 314, and 319 under the provisions of the USA PATRIOT Act of 2001. Information Sharing - Final Rule Issued: Section 314 Made More Tolerable | Bankers Online Re: 314(a) Secure Information Sharing System - 01/05/12 04:08 PM They aren't providing a link to the website anymore. The last email they sent about taking down the system last month stated that you needed to save the web address in your favorites because they wouldn't be supplying the weblink anymore. Verafin provides a centralized platform for information sharing that allows investigators at 314 (b)-registered financial institutions to easily send, receive, and respond to requests for information directly in our secure environment, expediting decision making in the investigation process. Investigators can participate in collaborative Section 314 (b) of the USA PATRIOT Act allows financial institutions to share information with one another in order to identify and report activities that may involve money laundering or terrorist financing activity to the federal government. FIs have to provide notice to FinCEN first, by the way. Using Section 314 (b), information can be Voluntary information sharing between financial institutions is permitted under procedures specified in Section 314 (b) of the USA PATRIOT Act and its implementing regulation, 31 CFR 103.110. One of the benefits of this type of information sharing is that you may be able to reduce your own institution's fraud losses. The Guidance. As the purpose of issuing updated guidance was to encourage financial institution participation in the 314 (b) program, the Guidance leads with the benefits of 314 (b) information sharing. Those benefits primarily relate to "help [ing] financial institutions enhance compliance with their anti-money laundering/counter-terrorist As