The Financial Crimes Enforcement Network (FinCEN) recently issued updated guidance confirming how financial institutions can share information with each other about suspected fraud under section 314(b) of the USA PATRIOT Act. 

The fact sheet outlines examples of shareable information, including video surveillance, cyber-related data such as IP addresses, and fraud indicators like newly added payees followed by large transfers, multiple accounts with similar identifying information, and logins from geographically distant locations.

Section 314(b) of the US Patriot Act is a voluntary program that allows financial institutions to share information with one another under a ‘safe harbor’ that protects them from civil liability.

View the Section 314(b) Fact Sheet.