So, you may be asking, “Why file a Notice of Intent to Share Information?” I ask you, “Why Not?”
The USA Patriot Act Section 314(b) gives financial institutions permission to share information with one another in order to identify, and report to the federal government, activities that may involve money laundering or terrorist activity. This information can be used to determine whether to establish or maintain an account; to engage in a transaction or to assist in BSA compliance. A financial institution may use the information obtained to determine whether to file a SAR (remember that you cannot share with another FI that you are intending to file a SAR.)
So let’s recap: They are giving you permission to share information and providing you safe harbor from liability.
Now you may be asking, “How do I file a Notice of Intent to Share Information?”
Well, There are two ways to file: Online or by mail. I have attached links to both below.
Once you have filed your notice; there are just a couple procedures to follow:
-You will need to re-file annually. The notice is only good for one year from the date of filing.
-Share only with other financial institutions that have also filed a Notice of Intent to Share (list is provided).
(The safe harbor does not extend to sharing across international borders.)
Pretty simple, right? So what are you waiting for?!