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Treasury's Financial Crimes Enforcement Network New Secure Web-Based Distribution System for 314(a) Search Requests

BSA/AML, OFAC and Fraud
January 19, 2005


Summary: Treasury's Financial Crimes Enforcement Network (FinCEN) plans to release its 314(a) search requests to financial institutions through a new secure Web-based system. Under Section 314(a) of the USA PATRIOT Act, financial institutions are required to search their records for suspected terrorists, terrorist organizations and money launderers on the search lists.

Highlights:
  • The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) distributes a "314(a)" list of suspects to financial institutions every two weeks. Section 314(a) of the USA PATRIOT Act requires banks to search their records for information about suspects on the list for law enforcement.
  • The 314(a) subject list is currently distributed by e-mail or faxed to financial institution points of contact (POCs).
  • FinCEN plans to introduce a new Web-based 314(a) delivery and reporting system available on a secure Web site operated by FinCEN. By accessing the Web site, POCs will be able to locate the current 314(a) subject lists and download the files in various formats for searching.
  • POCs will also be able to use this Internet site to return positive and inconclusive hits to FinCEN.
  • FinCEN is testing this Web-based system through a pilot program. POCs may receive an e-mail from FinCEN requesting their participation in the pilot; participation in the testing phase is not mandatory.
  • The test period runs through February, with the new system expected to replace the current system in March 2005.
  • Banks receiving the 314(a) search list by fax will continue to receive the list by fax.
  • Please distribute this information to the appropriate personnel in your institution. For further information, please contact FinCEN's Regulatory Help Line at 1-800-949-2732 or at sys314a@fincen.treas.gov .

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2005/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).



Additional Related Topics:

  • Section 314(a) Search Requests
Attachment(s)

Last Updated: January 19, 2005