The Treasury Department on June 12 released new guidelines that enable banks to share customer information with greater ease when they suspect fraud, money laundering, terrorist financing, and other criminal activity.
The guidelines outline the circumstances under which financial institutions can exchange data in real time, while protected from liability, to improve the identification and reporting of suspected crime.
A Treasury Department fact sheet issued on June 12 says participation is voluntary but strongly encouraged.
It lists types of information that financial institutions can share, including video surveillance footage, IP addresses, and “fraud indicators like newly added payees followed by large transfers, multiple accounts with the same or similar identifying information, and login activity from geographically distant places.”…