Platform features for banks
    • 01 Sep 2022
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    Platform features for banks

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    Article Summary

    FinCEN’s 314a Program, based on Section 314(a) of the USA PATRIOT Act of 2001, requires certain financial institutions to search their records for accounts and transactions of entities that may be involved in terrorism or money laundering. Every two weeks, FinCEN sends these financial institutions a request with names of people and businesses that authorities are actively investigating. For more information, please see the FinCEN website

    Synctera’s 314(a) search functionality allows you to upload the biweekly 314(a) request that you receive from FinCEN, so that you can determine if any of the included entities are customers of your FinTech partners or have had active accounts at your FinTech partners in the last 12 months. Because Synctera supports cross-tenant search, you only have to upload the file once to search across all of your FinTech partners.

    To perform and review a search, simply follow these steps:

    • Gather the 314(a) Search List file from FinCEN
    • Load the Search List into the Synctera Platform
    • Review the info of the matches found across your FinTechs
    • Report the outcomes to FinCEN

    Secure file delivery

    Synctera offers a secure file delivery (SFD) feature to provide for secure, high-volume delivery of transaction data. 

    We use the same SFTP folder access, with additional encryption provided by PGP encryption. By using your PGP Public Key to encrypt the transaction file, we ensure that only you, or your duly authorized representative, may access that data.

    The SFD transactions file is a CSV file with all relevant data about your transactions. 

    Deliveries may be scheduled on a once-per-day basis. Contact your Synctera I&O to take advantage of this feature. Please note that this is not a real-time feature.

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