CAMS · Question #871
Which of the following actions is specifically permitted or required under FinCEN section 314(b) for financial institutions (FIs) to enhance their efforts in combating money laundering and terrorist…
The correct answer is D. FIs may share information about suspected money laundering activities with other FIs to aid in. Under FinCEN Section 314(b), financial institutions are permitted to share information with other financial institutions about suspected money laundering or terrorist financing activities. This collaboration helps identify and report suspicious transactions while complying with…
Question
Which of the following actions is specifically permitted or required under FinCEN section 314(b) for financial institutions (FIs) to enhance their efforts in combating money laundering and terrorist financing?
Options
- AFIs may disclose customer information to any third party
- BFIs may provide information about their internal compliance programs to law enforcement
- CFIs are required to report all transactions involving foreign entities to FinCEN so that FinCEN can
- DFIs may share information about suspected money laundering activities with other FIs to aid in
How the community answered
(53 responses)- A6% (3)
- B2% (1)
- C11% (6)
- D81% (43)
Explanation
Under FinCEN Section 314(b), financial institutions are permitted to share information with other financial institutions about suspected money laundering or terrorist financing activities. This collaboration helps identify and report suspicious transactions while complying with legal safeguards and privacy requirements.
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