1) All parties sharing consumer information must either a financial institutions or associations of financial institutions;
2) All parties must be registered with FinCEN to participate in voluntary information sharing;
3) The information must be related to actual or potential money laundering or terrorist. This includes fraud related transactions involving the proceeds of specified unlawful activity.
Fintel software is engineered to help ensure compliance with all laws and regulations, and where applicable, leverage the safe harbor protections afforded under federal law.
GLBA provides that the privacy requirements for initial notice, opt out, and for service providers and joint marketing do not apply when a financial institution discloses nonpublic personal information “to protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liabilities.”