The Financial Crimes Enforcement Network issued guidance to encourage and promote appropriate, voluntary cross-border sharing of information between and among financial institutions, including appropriate foreign financial institutions.
Details: FinCEN said the guidance:
Aims to help combat the threats posed by money laundering, terrorist financing, and other illicit finance activity.
Clarifies that while financial institutions are prohibited from sharing Suspicious Activity Reports, as well as information that would reveal the existence of a SAR, the Bank Secrecy Act and its implementing regulations generally do not prohibit cross-border information sharing.
Furthers President Donald Trump’s Working Group on Digital Asset Markets report, “Strengthening American Leadership in Digital Financial Technology,” by supporting greater information sharing.