Lawmakers should expand financial safe harbor protections to allow banks to better share their suspicions about money laundering and its predicate crimes, a top U.S. regulatory official said Sunday.
Representatives from the financial industry have asked the U.S. Treasury Department to streamline a Patriot Act program that allows banks to share their suspicions with each other about client activity.
The U.S. Treasury Department issued rules Friday broadening the types of law enforcement data requests banks can receive to include queries from foreign officials and investigations tied to additional crimes.
A proposed rule that would empower foreign and U.S. state and local law enforcement agencies to make information requests under a provision of the Patriot Act is meeting stiff resistance from banks and has raised concerns within the law enforcement community.
Financial institutions play an important role in investigations through the 314(a) request system under the USA Patriot Act. Here are four tips to speed up a Patriot Act request.
The U.S. Financial Crimes Enforcement Network has said "no" to an industry group's request that lists of suspected launderers and terrorists that financial institutions are required to screen be shared with third party software vendors.
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