Sunday, September 24, 2023
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FinCEN May Allow State and EU Bank Queries

WASHINGTON (CN) - To help combat money laundering and terrorist financing, the Financial Crimes Enforcement Network of the Treasury plans to allow state and local law enforcement, and EU member state law enforcement, to make requests for information from U.S. financial institutions.

Under the same proposed rule, the agency also would be able to request information on its own behalf, to assist investigations or perform trend analysis.

Since money laundering can consist of varied crimes, before using the program a requestor would have to certify that the matter is significant and that the enforcement agency has been unable to find the information through traditional means.

The data provided would be for gathering leads, as it is for the Federal Government under the current program, since the information collection does not replace a subpoena or other legal process, according to FinCEN's Nov. 17 fact sheet on the USA PATRIOT Act program.

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