Section 314 a and b

Question 1

What is Section 314 b

Answer 1

Provides financial institutions with the ability to share information with one
another, under a safe harbor that offers protections from liability, in order to better identify
and report potential money laundering or terrorist activities.

Question 2

to what type of US FI does 314b applies

Answer 2

Banks
— Casinos and card clubs
— Money services businesses
— Brokers or dealers in securities
— Mutual funds
— Insurance companies
— Futures commission merchants and introducing brokers in commodities

— Dealers in precious metals, precious stones, or jewels
— Operators of credit card systems
— Loan or finance companies

Question 3

Is 314(B) a voluntary program.

Answer 3

yes

Question 4

What is Sec 314(a)

Answer 4

enable US federal, state, local,
and foreign (European Union) law enforcement agencies , through Fin CEN to reach out to
more than 43,000 points of contact at more than 22,000 financial institutions to locate accounts
and transactions of persons that may be involved in terrorism or money laundering.

Question 5

Define 314 (a) and (b)

Answer 5

law enforcement identify, disrupt, and prevent terro-
rist acts and money laundering activities by encouraging further cooperation among law
enforcement, regulators, and financial institutions to share information regarding those
suspected of being involved in terrorism or money laundering