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Can you summarize 31 CFR 1010.520?
Special Information Sharing Procedures To Deter Money Laundering and Terrorist Activity > Information sharing between government agencies and financial institutions.
Short Summary
This legal document, found in the Code of Federal Regulations, outlines the special information sharing procedures between government agencies and financial institutions to deter money laundering and terrorist activity. It defines ‘financial institution’ as any financial institution described in 31 U.S.C. 5312(a)(2) and ’law enforcement agency’ as a Federal, State, local, or foreign law enforcement agency with criminal investigative authority. The document allows law enforcement agencies investigating terrorist activity or money laundering to request that the Financial Crimes Enforcement Network (FinCEN) solicit information from financial institutions. It also allows FinCEN to request information from financial institutions on its own behalf. Financial institutions receiving an information request must search their records and report relevant information to FinCEN. The document includes provisions for the use and security of the information requested, as well as the designation of a contact person at the financial institution. It does not require financial institutions to take any specific action with respect to accounts or transactions related to individuals, entities, or organizations named in the requests. The document also clarifies that it does not affect the authority of law enforcement agencies or FinCEN to obtain information directly from financial institutions.
Whom does it apply to?
Financial institutions described in 31 U.S.C. 5312(a)(2) and law enforcement agencies with criminal investigative authority
What does it govern?
Information sharing procedures between government agencies and financial institutions to deter money laundering and terrorist activity
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government