The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued updated guidance to clarify how financial institutions can share information with each other about suspected fraud under section 314(b) of the USA PATRIOT Act.

FinCEN’s updated guidance clarifies that a financial institution may share information about activity involving suspected fraud, money laundering, terrorist financing, or other specified unlawful activities. It also clarifies that this information may be shared with any other financial institution eligible to participate in the Section 314(b) program to help identify illicit financial activity.

Click Read More to access the fact sheet from FinCen.