Financial Crime and 314(b): A Practical Guide to Navigating Information Sharing Obstacles

The fight against financial crime activity used to fund terrorism, human and drug trafficking, fraud, and other financially motivated crimes is difficult, involving sophisticated networks that operate across multiple financial institutions and jurisdictions. Despite the need for financial institutions to share critical information with each other and law enforcement to get ahead of crime syndicates, the practice is not widely adopted as a result of complex regulations and internal policies.

The guide, developed by thought leaders and experts in the banking, law enforcement, and legal community, examines the challenges with existing regulations, such as Section 314(b) of the USA PATRIOT Act, and provides practical advice and recommendations to pave a path towards progress.

Key takeaways from the guide include:

• Real-world cases demonstrating the benefits of proactive information sharing
• Perspectives on building a modern information sharing model to fight financial crime
• Strategies to overcome internal and external obstacles to information sharing