Feedback requested: 314(a) compliance requirements

Credit unions have the opportunity to comment on Financial Crimes Enforcement Network (FinCEN) information collection under Section 314(a) of the PATRIOT Act, the subject of America’s Credit Unions latest Regulatory Comment alert. No new requirements are being proposed.

Section 314(a) requires credit unions and other financial institutions to determine whether they maintain or have maintained any account or transaction for the named individual or entity and report any matches promptly upon FinCEN request.

Feedback may help FinCEN better understand how these obligations affect institutions of different sizes and whether there are ways to streamline or modernize the process without compromising law enforcement objectives.

Share feedback with America’s Credit Unions by Nov. 10 and comments are due by Dec. 1 to FinCEN.

Read the Regulatory Comment