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A group of 20 U.S.-based banks will soon begin sharing details of suspicious customers and their transactions through an industry-led digital application set to launch next year, the head of the American Bankers Association, or ABA, said Tuesday. For more than two decades, section 314b of the Patriot Act has given banks and other companies subject to federal anti-money laundering rules a legal basis to share such details to, for example, trace the flow of fraudulently obtained funds from one institution to the next. But a general concern among financial institutions of breaching data-privacy standards and seeing clients whose details...