FinCEN to expand 314(a) program

Nov. 17, 2009 – The Financial Crimes Enforcement Network is taking comments until Dec. 16 on a proposal to permit USA PATRIOT Act section 314(a) information requests of U.S. financial institutions from some foreign law enforcement agencies.

The 314(a) authority, which applies to credit unions, is meant to be used when other efforts to obtain information fail. FinCEN said the rule change is to carry out changes in U.S. agreements with members of the European Union that are set to take effect in 2010.

The additional information requests would be submitted by FinCEN on behalf of Treasury and the foreign jurisdictions.

The proposed rule was published in Monday’s Federal Register and is linked below.