FinCEN Head Says Data Security Key To New Reporting Plan

Law360 (February 23, 2021, 7:36 PM EST) -- As the Financial Crimes Enforcement Network hashes out the details of a new anti-money laundering pilot program to facilitate the cross-border sharing of suspicious activity reports, it faces the delicate task of making sure the data doesn't fall into the wrong hands, the agency's director said Tuesday.

As part of the National Defense Authorization Act signed by President Joe Biden on Jan. 25, the Anti-Money Laundering Act of 2020 mandates the creation of a pilot program to increase the sharing of the reports, known as SARs, between U.S. institutions and their oversees counterparts.

As FinCEN works out the details of the...

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