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FinCEN Advises More Cooperation Between AML, Fraud and Cybersecurity

By Valentina Pasquali

Anti-money laundering, fraud prevention and cybersecurity personnel should more frequently collaborate to guard their institutions and their customers against online intrusions by criminals and state-sponsored groups, U.S. officials said Tuesday. In a 9-page advisory, the U.S. Treasury Department's Financial Crimes Enforcement Network, or FinCEN, also encouraged financial institutions to share cyber-related information with each other through the Patriot Act 314(b) program to improve their overall reporting of suspicious activity tied to hackers without fear of incurring civil liability. Financial institutions already must file suspicious activity reports on any "cyber-event" they know or suspect was conducted to initiate unauthorized transactions to,...

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