The potential expanded use of a Patriot Act data-sharing authority would help Bank Secrecy Act officers better identify suspicious account activity and avoid costly enforcement actions, say industry experts. Officials in the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) have said in conference appearances at least three times this year that they would like the federal government to use Sec. 314 (a) of the Patriot Act to better share data with anti-money laundering (AML) officers at banks. Law enforcement officials have largely used the power to request data from banks rather than share information, OCC Deputy...
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.
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.