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Privacy concerns and fear of legal action effectively render a U.S. bureau's latest effort to prod financial services companies into sharing intelligence with themselves and each other, including across borders, dead on arrival, attorneys told ACAMS moneylaundering.com. On Sept. 5, the Financial Crimes Enforcement Network encouraged banks in guidance to more frequently share details of suspicious clients and transactions with other domestic banks, and, when warranted, foreign banks and their own, overseas affiliates pursuant to section 314(b) of the Patriot Act, with the goal of bolstering their collective defenses against illicit finance. Dan Stipano, former deputy chief counsel for the...