Is Section 314 of the USA PATRIOT Act Working?

Is Section 314 of the USA PATRIOT Act Working?

Is Section 314 of the USA PATRIOT Act Working?

Stanley Foodman, Foodman CPAs & Advisors | JDSUPRA (published November 4, 2020)

"On February 2018, INSA (Intelligence and National Security Alliance) presented a Position Paper titled Improving Information Sharing on Suspected Financial Fraud Broadening Interpretation of the USA PATRIOT Act to Enhance National Security Prepared by THE INSA FINANCIAL THREATS COUNCIL. It notes that financial institutions are risk averse and cautious entities by nature. As such, they will not reveal other suspected fraudulent activities without definitive U.S. government guidance and a related safe harbor. The narrow definition of the 314 safe harbor represents a constraint to a financial institution’s information sharing activities and impedes financial institutions’ efforts to combat financial crimes."

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Caroline Henry

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