How should credit unions report positive matches to 314(a) requests?

Credit unions should report positive matches to 314(a) requests via the Secure Information Sharing System (SISS). This method is specifically designed for secure communication of sensitive information, which includes responses to 314(a) requests under the USA PATRIOT Act. The SISS allows financial institutions to share information in a secure manner, ensuring compliance with the Bank Secrecy Act while protecting the privacy and security of the data being transmitted.

Using SISS reflects adherence to the established protocols for reporting suspicious transactions and assisting law enforcement agencies in combating money laundering and other financial crimes. The platform is recommended because it minimizes the risks associated with using less secure methods, such as email or postal mail, which may expose sensitive information to unauthorized access. Moreover, internal memos do not provide a standardized process for handling such inquiries, which is essential in regulatory compliance. Therefore, the Secure Information Sharing System is the most appropriate and compliant way to report positive matches to 314(a) requests.