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Subject: Bank Secrecy Act/Anti-Money Laundering
Date: November 14, 2002
To: Chief Executive Officers and Compliance Officers of All National Banks and Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel
Description: Final Rule – Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
This bulletin transmits a final rule published by the U.S. Treasury Department on September 26, 2002 to implement section 314 of the USA PATRIOT Act. The rule, codified in 31 CFR 103, became effective on September 26, and it supersedes the interim rule published March 4. The two-part rule facilitates the exchange of information (1) between the government and financial institutions (31 CFR 103.100) and (2) among financial institutions (31 CFR 103.110).
Information-Sharing Between the Government and Financial Institutions (31 CFR 103.100)
The final rule requires a financial institution to:
Information-Sharing Among Financial Institutions (31 CFR 103.110)
This section of the rule allows financial institutions to share information among themselves and with associations of financial institutions on a voluntary basis. A financial institution may share information regarding individuals, entities, organizations, and countries for purposes of identifying and, where appropriate, reporting activities that it suspects may involve possible terrorist activity or money laundering. Such information-sharing is protected under a safe harbor if the financial institution:
Questions about the final rule may be directed to your OCC supervisory office or the Compliance Division at (202) 874-4428.
David G. Hammaker