FinCEN issues updated Guidance to clarify how FIs can more broadly share information on suspected fraud and other illicit activity, under section 314(b) of the USA PATRIOT Act

The updated guidance confirms that eligible financial institutions may share information with each other about suspected fraud, money laundering, terrorist financing and other specified unlawful activities under section 314(b) of the USA PATRIOT Act. It gives practical examples of shareable information, including surveillance footage, cyber indicators, IP addresses, unusual payee changes, large transfers, linked account identifiers and geographically inconsistent login activity…