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Can you summarize Core Examination Procedures for Regulatory Requirements and Related Topics > Information Sharing?
Core Examination Procedures for Regulatory Requirements and Related Topics > Information Sharing
Short Summary
This document governs the information sharing procedures to deter money laundering and terrorist activity. It applies to financial institutions. The document outlines the requirements for sharing information between law enforcement agencies and financial institutions under Section 314(a) of the USA PATRIOT Act. It also covers voluntary information sharing under Section 314(b) of the USA PATRIOT Act. The document specifies the search requirements, use restrictions, confidentiality obligations, and documentation requirements for financial institutions. It emphasizes the importance of maintaining the security and confidentiality of requested information. The document also highlights the limitations of section 314(a) subject lists and advises financial institutions to establish processes for determining when to file a Suspicious Activity Report (SAR). The document provides examination procedures for assessing compliance with the information sharing requirements. No specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
Financial institutions
What does it govern?
Information Sharing
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government