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FinCEN Considering Use of Summons Power to Query Banks Abroad
By Brian Monroe
printThe U.S. Treasury Department's financial intelligence unit is considering invoking for the first time a Bank Secrecy Act power to obtain data on foreign banks, say multiple sources. The summons power, granted to the department under Title 31 USC Sec. 5318, allows the Treasury Secretary or Attorney General to request foreign banks with U.S. correspondent accounts to hand over records related to deposits. Officials can request data from banks in countries that have signed mutual legal assistance treaties with the United States or that have U.S. representatives. Officials at the department's Financial Crimes Enforcement Network (FinCEN) began reviewing the summons...
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