NASD Notice to Members 02-80 - December 2002

Development Regarding Treasury Information Requests Under Section 314 of the PATRIOT Act

Executive Summary

On November 19, 2002, the Department of the Treasury and its bureau the Financial Crimes Enforcement Network (FinCEN) advised associations representing major financial institutions of a brief moratorium on both new information requests and compliance with current information requests that have been recently issued under Section 314 of the USA PATRIOT Act of 2001. On November 26, 2002, the federal bank regulatory agencies issued a Joint Agency Notice (Notice) that addresses Section 314.

 

Questions regarding this Notice to Members may be directed to Emily Gordy, Department of Member Regulation, NASD Regulatory Policy and Oversight, at (202) 728-8070, or Nancy Libin, Office of General Counsel, NASD Regulatory Policy and Oversight, at (202) 728-8835.