FinCEN Director James Freis made the announcement during a presentation at the American Bankers Association Anti Money Laundering Conference in Washington, D.C. last week. He said in July federal functional regulators had set their agencies’ policies to enforce specific anti-money laundering requirements. The new functionality provides financial institutions the option to verify that they searched 314(a) subject information against their records and generate a report to record that verification, he said. The printed verification is not the only source of search compliance available.”]
Source: https://www.bankinfosecurity.com/fincen-news-streamlined-systems-a-607