BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551

TO THE OFFICER IN CHARGE OF SUPERVISION AT EACH FEDERAL RESERVE BANK

SUBJECT:

Guidance Clarifying Fraud-Related Information Sharing Under Section 314(b) of the USA PATRIOT Act

This letter highlights guidance issued on June 12, 2026, by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) that clarifies the circumstances in which financial institutions (including Federal Reserve supervised banks) can share information regarding suspected fraud under section 314(b) of the USA PATRIOT Act (section 314(b)).¹ The Federal Reserve recognizes that fraud is a significant concern for banks and consumers across the nation. This action taken by FinCEN reflects industry feedback received from the Request for Information on Potential Actions to Address Payments Fraud issued by the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency in June 2025.²

Section 314(b) provides financial institutions with the ability to share information with one another, under a safe harbor that offers protections from liability, to improve the identification and reporting of activities that may involve money laundering or terrorist activities.³ Participation in information sharing pursuant to section 314(b) is voluntary. FinCEN strongly encourages financial institutions to participate in the program as information sharing between and among financial institutions can assist financial institutions in managing illicit financing risks and in collecting highly useful information to identify and prevent financial crime.

Reserve Banks are asked to distribute this SR letter to supervised domestic and foreign financial institutions that are subject to the BSA, as well as to supervisory and examination staff. In addition, questions may be sent via the Board’s public website.⁴

signed by
Randall D. Guynn
Director
Division of
Supervision and Regulation