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At Industry Meeting, Banks Asked FinCEN to Streamline Patriot Act Program: Sources
By Brian Monroe
printRepresentatives 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 discussions came as part of a Washington, D.C. meeting last month, during which compliance officers and federal officials discussed how to better fight money laundering and other financial crimes. The Patriot Act program, under section 314(b), grants certified financial institutions permission to share data on suspicious clients in an effort to detect criminal activity across multiple institutions. Attendees of the group, nicknamed the "Delta Team," suggested "looking at ways...
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