Which term denotes voluntary information sharing among financial institutions?

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Multiple Choice

Which term denotes voluntary information sharing among financial institutions?

Voluntary information sharing among financial institutions is provided under 314(b). This program lets banks and other institutions share information about known or suspected criminals or illicit activity with each other and with FinCEN, and it includes safe harbor protections to encourage participation. The distinction is that 314(a) is an information-request program initiated by FinCEN, not voluntary sharing, and Safe Harbor refers to the liability protections, not the act of sharing itself. While “Information Sharing” describes the activity at a high level, the formal term for the voluntary program is 314(b).

Voluntary information sharing among financial institutions is provided under 314(b). This program lets banks and other institutions share information about known or suspected criminals or illicit activity with each other and with FinCEN, and it includes safe harbor protections to encourage participation. The distinction is that 314(a) is an information-request program initiated by FinCEN, not voluntary sharing, and Safe Harbor refers to the liability protections, not the act of sharing itself. While “Information Sharing” describes the activity at a high level, the formal term for the voluntary program is 314(b).

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