When I open a bank account or credit card, it is instantly accessible nationwide just like a credit report. What about opening an exchange account and filling out KYC information in the U.S. or internationally? Is it uploaded to some FinCEN database similar to the passport personal record database or is it just kept locally in case of an audit?
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It depends on the bank. They are obligated to keep information on file in case of an audit (which are often regular). They may use databases in addition to the ones they are obliged to use (such as the lists of blacklisted persons). Many of these databases work in such a way where they can use the database if they also contribute to it, which may result in information being shared. Sharing of information should be outlined by their privacy policy. If they see activity that they believe to be suspicious, they are also obliged to file a suspicious activity report.
If you open a credit card, they will contribute information about the account holder to at least one of the credit reporting agencies.
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