U.S. officials formally requested feedback Monday on a plan to greatly expand the present ability of financial institutions to share information on suspicious transactions across borders. The new data-sharing mechanism would run on a trial basis until at least Jan. 1, 2024, and possibly for another two years afterwards if the Financial Crimes Enforcement Network, or FinCEN, certifies to Congress that the program is effective and vital to national security, and outlines a strategy to make it permanent, the bureau wrote in a notice of proposed rulemaking. Current rules allow U.S. banks and other institutions to share suspicious activity reports,...
The Financial Crimes Enforcement Network issued a notice of proposed rulemaking seeking feedback on the suggested launch of a pilot program for sharing suspicious activity reports.
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