Section 314(a) and Subpoenas

In its latest update to the Section 314(a) fact sheet, FinCEN reminds the industry that receiving a name on the Section 314(a) list is simply for information gathering purposes. It does not replace the need for a subpoena or other legal process to access customer information. The list is simply an efficient way for government investigators to find where accounts may be. Then they have to jump through the legal hoops.

Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 8, 7/05