06.19.26

FinCEN Updates Guidance on Information Sharing on Fraud for Financial Companies

by: Dave Kovaleski

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has updated its guidance to clarify that financial institutions can share information about suspected fraud and other criminal activities with other eligible institutions through its Section 314(b) information-sharing program. The guidance specifically confirms that firms may exchange data such as surveillance footage, IP addresses, suspicious login activity and fraud indicators like unusual payee additions or linked accounts. Treasury Secretary Scott Bessent said the changes are intended to help financial institutions detect and stop fraud more quickly, noting that fraud costs Americans hundreds of billions of dollars annually. FinCEN emphasized that information sharing among financial institutions is a critical tool for identifying and disrupting financial crime networks before losses spread.

Read the full article on Financial Regulation News