The director of the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) said the agency wants to encourage more financial institutions to share information among their peers regarding suspicious transactions.
FinCEN head Kenneth Blanco told the membership of the American Bankers Association and American Bar Association at a virtual conference Thursday that the agency issued updated guidance on interpreting Section 314(b) of the PATRIOT Act, which allows financial institutions to share information regarding suspicious activity related to money laundering and/or terrorist financing.
