Section 314(b) is a part of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001. It is meant to encourage governmental agencies and financial institutions to share with each other information that is believed to relate to terrorist activity or money laundering.
Participation is voluntary, and even after agreeing to participate, governmental agencies and financial institutions are not required to respond to inquiries. In order to participate, these entities must first designate an individual who will establish procedures to send and receive information requests, verify that any other institution with which information will be shared is also registered, and establish security measures to protect non-public information obtained from other institutions.
To participate in section 314(b), each financial institution must complete and send a Notice of Intent to Share form to the Financial Crimes Enforcement Network (FinCEN). This form must be completed each year to continue participating in 314(b).
If you have questions about 314(b) or our financial institution advisory services, contact the expert listed below at PYA, (800) 270-9629.