Michelle Thiel, CAMS, Director of Compliance Kristine Regele, CAMS, Sr. Compliance Analyst This article is intended to help you comply with requirements to scan FinCEN’s 314(a) list. Financial institutions should refer questions about FinCEN 314(a) system operation to their primary regulator or to FinCEN’s Regulatory Help Line 800-949-2732. For complete information please see the FinCEN website: http://www.fincen.gov. What do I do with the List? Federally regulated financial institutions are required to perform a one-time scan of their accounts and transactions against the FinCEN 314(a) list.  Detailed instructions are found with each biweekly 314(a) list, but generally speaking, institutions should look back one year for accounts, and six months for transactions. Search parameters differing from the general instructions described above are evident in the instructions.  Records of your FinCEN 314(a) searches should be retained for five years. By statute, FinCEN provides the section 314(a) list directly to financial institutions, not to commercial vendors.  Importing your list into Bridger Insight XG is relatively easy, and we can help you import the list to facilitate your search.  If you need help in establishing the FinCEN format, our Technical Support team is ready to help you. What is the FinCEN 314(a) List? The FinCEN 314(a) list is pursuant to Title III of the Patriot Act, Section 314. Section 314(a) requirements are now published in 31 CFR Part 103.100. The regulation is intended to create a cooperative partnership between the financial community and law enforcement in order to gather details from all over the country that could be relevant to significant law enforcement investigations. This list is intended to assist the federal law enforcement community in obtaining information pertinent to ongoing investigations. The information you submit may provide the government with critical details about the activities, locations, business dealings, etc., persons or entities that are potentially related to terrorism or significant money laundering. In a Notice to Financial Institutions, FinCEN states “law  enforcement is verifying that all requests being forwarded to financial institutions represent only the most significant investigations, primarily terrorist related, and that the corresponding need for the requested information is critical.” http://www.fincen.gov/bankers_online_revfinal2.pdf In order to ensure you do not violate privacy regulations, (FCRA along with several other pieces of legislation), you must be careful of the actions you take as a result of a true match against a listed person. The only required action is that you report the match to FinCEN, who will forward the information to the law enforcement agency.  Actions beyond reporting to FinCEN should be taken only if guided by your regulator, counsel or law enforcement. While the section 314(a) list could be used to determine whether to open or terminate an account, “FinCEN strongly discourages financial institutions from using this as the sole factor in reaching a decision to do so unless the request specifically states otherwise.” (FFIEC BSA/AML Exam Manual, 2006, available at http://www.ffiec.gov/pdf/bsa_aml_examination_manual2006.pdf.   We encourage you to pay special attention to maintaining the confidentiality of the list and how it is dispersed within your institution.  The regulation specifies that financial institutions must not disclose to any person, other than to FinCEN, their regulator, or the relevant law enforcement agency any of the names on the FinCEN list.  Therefore, it is critical that every financial institution develop procedures to protect the security and confidentiality of the FinCEN requests and subsequent responses. ChoicePoint advises that you obtain information about Section 314(a) and its requirements from FinCEN, including how to register to obtain the 314(a) list via a secure web site, and how to obtain safe harbor protection if you wish to share the list with another non-related financial institution, etc. For information, go to: http://www.fincen.gov. How Should I Scan My Data Against My List? The FinCEN 314(a) list is available in four formats: Excel spreadsheet Text file (.txt) CSV Word doc You can perform a full import into the Bridger Insight™ XG product using either the CSV or the text versions of the FinCEN 314(a) file.  (You can also use the Excel version, but you would have to rename it as a tab delimited or CSV file).  We recommend that you use the text version, and import it using the Deny List functionality in Bridger Insight XG. Once the format is established, you will also be able to maintain your 314(a) efforts with ease. Refer to the Deny List section in your Bridger Insight XG User's Manual to assist you, or go to Client Services for technical support. What Do I Do if I Find a Match? If you find a match after scanning against the list and you determine it is not a false positive, you are to report the match to FinCEN. In contrast to most other watch lists, there is no further action required. Please refer to FinCEN’s instructions for information on how to report this information.  Generally, you are to report the fact that you have a match, and provide a contact person’s name should the law enforcement community need further information. We Recommend the Following Steps to Get You Started On Your FinCEN Compliance: Read the complete set of instructions that FinCEN has provided with your list. Conduct due diligence to determine whether any potential matches are indeed true matches against the list. Financial institutions should use all of the identifying information provided by the law enforcement agency to help in its decision.  If you are unsure whether you have a true match, contact the requesting law enforcement agency identified on the list for assistance. You are required to report a true hit, per the instructions, to FinCEn within 14 days. If you have questions on the system, process, etc. please contact your primary regulator, or you can contact the FinCEN Regulatory Help Line at: 800-949-2732. Check the FinCEN web site educational pages regularly as this source will provide you with up to date information regarding Section 314 and the list. Develop a short policy and procedure document for your institution covering How to use the FinCEN list (to be included with your Patriot Act compliance policies and procedures for your Customer Information Program); How to manage updates to the list; How to scan your client data, and who is authorized; Who is to be notified of true matches; How to report to FinCEN; and How you will maintain records of your compliance and matches (we recommend being prepared to do so for 5 years). If you are unsure about the instructions above, please visit Client Services.