FinCEN to deploy data-sharing system

FinCEN to deploy data-sharing system

The Financial Crimes Enforcement Network will launch a system March 1 so law enforcement and financial institutions can transmit information about people they suspect of financing terrorist activities or laundering money.

The new Web-based system will replace requests now made by e-mail.

Under the USA Patriot Act, the FBI and other law enforcement agencies can ask financial businesses to search their records for data about suspects. The businesses report any matches to the Treasury Department’s FinCEN.

The Patriot Act Section 314(a) system will modernize and secure that information flow, FinCEN officials said.

The requests contain subject and business names, addresses and as much identifying data as possible for a financial organization to search its records. Over the past two years, the requests have led to nine arrests and two indictments, according to FinCEN.

About the Author

Connect with the GCN staff on Twitter @GCNtech.

Featured

  • Workforce
    White House rainbow light shutterstock ID : 1130423963 By zhephotography

    White House rolls out DEIA strategy

    On Tuesday, the Biden administration issued agencies a roadmap to guide their efforts to develop strategic plans for diversity, equity, inclusion and accessibility (DEIA), as required under a as required under a June executive order.

  • Defense
    software (whiteMocca/Shutterstock.com)

    Why DOD is so bad at buying software

    The Defense Department wants to acquire emerging technology faster and more efficiently. But will its latest attempts to streamline its processes be enough?

Stay Connected