314a FinCEN File Format Enhancement
In this release, we have introduced important changes to the FinCEN file format to further enhance the tracking and reporting capabilities. These changes include the addition of two new fields—Electronic Address Type and Electronic Address—as well as an increase in the character length for existing fields. These enhancements aim to improve the accuracy and comprehensiveness of 314a screening for customer and transactions, enabling better monitoring and compliance with anti-money laundering regulations.
The introduction of the Electronic Address Type and Electronic Address fields will significantly enhance the identification of digital communication methods used in suspicious financial transactions. By capturing electronic addresses (such as email, IP addresses, or website address)and specifying their types (email, IP address, and website), can improve the monitoring of suspicious activity.
This enhancement is applicable for both FinCEN customer screening and FinCEN Transaction Screening.
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