Implementation of USA PATRIOT Act of 2001 Financial Provisions
 
March 8, 2002
 

The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, is issuing regulations to implement the provision in the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 that encourages information sharing among financial institutions for purposes of identifying and reporting activities that may involve terrorist acts or money laundering activities. The Act authorized financial institutions to share information to assist in the identification of suspected terrorists and money launderers. The notice provision outlined in the interim regulation provides for a yearly certification to FinCEN that information will be shared and protected from inappropriate disclosure, and requires that any money laundering or terrorist activities uncovered be reported to FinCEN or other law enforcement. FinCEN believes this provision will allow for the sharing of information while protecting the privacy interests of customers of financial institutions. This rule is effective March 4, 2002. Click here to view interim regulations. The department is also soliciting written comments on all aspects of the proposed rule. Comments must be received on or before April 3, 2002. Click here for instructions on submitting comments. Financial institutions with questions about their coverage or compliance obligations under this rule should contact their appropriate federal regulator, or contact a Holland & Knight attorney.