314afactsheet.pdf

Here are the key points summarized:

FinCEN's 314(a) Fact Sheet provides a unique service to law enforcement to locate financial accounts and recent transactions with subjects of criminal investigations. The program was established through a rule (31 CFR Part 1010.520) that requires certain financial institutions to search their records and report if they have responsive information.

Key points:

• FinCEN receives requests from law enforcement agencies and sends bi-weekly notifications to designated contacts within financial institutions.
• Requests contain subject names, addresses, and identifying data to assist financial institutions in searching their records.
• Financial institutions must query their records for data matches, including accounts maintained by the named subject(s) during the preceding 12 months and transactions not linked to an account conducted within the past 6 months.
• If the search does not uncover any matching of accounts or transactions, the financial institution is instructed not to reply to the 314(a) request.
• Section 314(a) provides lead information only and is not a substitute for a subpoena or other legal process.
• Law enforcement agencies must provide assurances that the request has been subject to appropriate scrutiny at the agency level and that the matter under investigation satisfies the requirements for a Section 314(a) request.
• FinCEN requires all requesters to certify that the investigation is based on credible evidence of terrorist financing or money laundering.