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InfoSight Highlight: Information Sharing

Feb 08, 2019
The USA PATRIOT Act, Section 314(b) permits financial institutions (after certain notice provided to the U.S. Department of Treasury) to share information with one another in order to identify and report to the federal government activities that may involve money laundering or terrorist activities.

The USA PATRIOT Act, Section 314(b) permits financial institutions (after certain notice provided to the U.S. Department of Treasury) to share information with one another in order to identify and report to the federal government activities that may involve money laundering or terrorist activities.

Recently, several credit unions received fictitious phishing emails purported to be from another credit union, threatening to report the receiving credit union “for money laundering, under 314(b) of the USA Patriot Act.” 

Additionally, there was an attachment that, if opened, could cause harm to credit union data. Some of the red flags contained in the email include:

  • The email address does not reflect the credit union's name, though the message says it's from that credit union; the domain name can contain a series of strange letters or a generic domain name.
  • The sender name and the name in the email address do not match.
  • There are several typos and misspellings in the email, including a "suspicions transfer."

For more information, credit unions should visit InfoSight's Information Sharing topic within the Bank Secrecy Act channel. Remember, you'll need your member ID and password to access the site.

Source:  InfoSight Compliance

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