FinCEN to deploy data sharing

The Financial Crimes Enforcement Network March 1 will launch a system that will let law enforcement and financial institutions transmit information about people they suspect of financing terrorist activities or laundering money.

The new Web-based system will replace requests now made by e-mail. Under the USA Patriot Act, law enforcement agencies can ask financial businesses to search their records for data about suspects. The businesses report any matches to the Treasury Department's FinCEN.