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U.S. Code as of:
01/19/04
Section 3412. Use of information
(a) Transfer of financial records to other agencies or departments;
certification
Financial records originally obtained pursuant to this chapter
shall not be transferred to another agency or department unless the
transferring agency or department certifies in writing that there
is reason to believe that the records are relevant to a legitimate
law enforcement inquiry, or intelligence or counterintelligence
activity, investigation or analysis related to international
terrorism within the jurisdiction of the receiving agency or
department.
(b) Mailing of copy of certification and notice to customer
When financial records subject to this chapter are transferred
pursuant to subsection (a) of this section, the transferring agency
or department shall, within fourteen days, send to the customer a
copy of the certification made pursuant to subsection (a) of this
section and the following notice, which shall state the nature of
the law enforcement inquiry with reasonable specificity: "Copies
of, or information contained in, your financial records lawfully in
possession of have been furnished to
pursuant to the Right of Financial Privacy Act of 1978 [12 U.S.C.
3401 et seq.] for the following purpose: . If you
believe that this transfer has not been made to further a
legitimate law enforcement inquiry, you may have legal rights under
the Financial Privacy Act of 1978 or the Privacy Act of 1974 [5
U.S.C. 552a]."
(c) Court-ordered delays in mailing
Notwithstanding subsection (b) of this section, notice to the
customer may be delayed if the transferring agency or department
has obtained a court order delaying notice pursuant to section
3409(a) and (b) of this title and that order is still in effect, or
if the receiving agency or department obtains a court order
authorizing a delay in notice pursuant to section 3409(a) and (b)
of this title. Upon the expiration of any such period of delay, the
transferring agency or department shall serve to the customer the
notice specified in subsection (b) of this section and the agency
or department that obtained the court order authorizing a delay in
notice pursuant to section 3409(a) and (b) of this title shall
serve to the customer the notice specified in section 3409(b) of
this title.
(d) Exchanges of examination reports by supervisory agencies;
transfer of financial records to defend customer action;
withholding of information
Nothing in this chapter prohibits any supervisory agency from
exchanging examination reports or other information with another
supervisory agency. Nothing in this chapter prohibits the transfer
of a customer's financial records needed by counsel for a
Government authority to defend an action brought by the customer.
Nothing in this chapter shall authorize the withholding of
information by any officer or employee of a supervisory agency from
a duly authorized committee or subcommittee of the Congress.
(e) Exchange of records, reports, or other information
Notwithstanding section 3401(6) (!1) of this title or any other
provision of law, the exchange of financial records, examination
reports or other information with respect to a financial
institution, holding company, or any subsidiary of a depository
institution or holding company, among and between the five member
supervisory agencies of the Federal Financial Institutions
Examination Council, the Securities and Exchange Commission, and
the Commodity Futures Trading Commission is permitted.
(f) Transfer to Attorney General or Secretary of the Treasury
(1) In general
Nothing in this chapter shall apply when financial records
obtained by an agency or department of the United States are
disclosed or transferred to the Attorney General or the Secretary
of the Treasury upon the certification by a supervisory level
official of the transferring agency or department that -
(A) there is reason to believe that the records may be
relevant to a violation of Federal criminal law; and
(B) the records were obtained in the exercise of the agency's
or department's supervisory or regulatory functions.
(2) Limitation on use
Records so transferred shall be used only for criminal
investigative or prosecutive purposes, for civil actions under
section 1833a of this title, or for forfeiture under sections
(!2) 981 or 982 of title 18 by the Department of Justice and only
for criminal investigative purposes relating to money laundering
and other financial crimes by the Department of the Treasury and
shall, upon completion of the investigation or prosecution
(including any appeal), be returned only to the transferring
agency or department. No agency or department so transferring
such records shall be deemed to have waived any privilege
applicable to those records under law.
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