FinCEN Discusses New Model for Information Sharing

by Rob Rowe

The Financial Crimes Enforcement Network is exploring ways of more effectively sharing information in the fight against money laundering/terrorist financing, FinCEN Director Jennifer Shasky Calvery said at the Royal United Services Institute’s workshop on “Tackling Money Laundering: Towards a New Model for Information Sharing” in London.

The FinCEN director discussed pilot initiatives exploring ways to use Section 314 to encourage real-time info sharing between financial institutions and the government. The Director added that FinCEN’s Bank Secrecy Act Advisory Group (BSAAG), of which ABA is a member, is a useful tool in reviewing, analyzing, and discussing FinCEN’s “hypothesis-driven experimentation.” She also noted that FinCEN is leading the case for multilateral information sharing, working with regional and global partners in the fight against ISIL.