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Casinos Say Banks Routinely Ignore Their 314(b) Data-Sharing Requests
By Colby Adams
printBanks are largely ignoring requests made by casinos under a confidential data-sharing program designed to combat illicit finance, according to sources. In June, the U.S. Treasury Department reported that 98 casinos and card clubs had registered for the Patriot Act 314(b) program, which authorizes financial institutions to share confidential information on high-risk customers with designated officers at other institutions to bolster overall efforts to report suspicious activity and identify financial criminals. The program grants safe harbor from potential civil litigation to registered financial institutions that have adequate privacy and data security protections in place and choose to respond to requests...
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