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Washington
FinCEN asks for outside input on database changes
WASHINGTON (1/27/11)--The Financial Crimes Enforcement Network (FinCEN) is seeking public comment on changes related to Designation of Exempt Person (DOEP) reports and unified Currency Transaction Report (CTR) filings. The changes are technical adjustments, and will not change any Bank Secrecy Act (BSA) regulatory requirements. Rather, FinCEN said, it is seeking "input on technical matters" as the agency transitions "from a system originally designed for collecting paper forms to a modernized IT environment for electronic reporting." The new database "will accept XML-based dynamic, state-of-the-art reports," and few changes to the existing batch and computer-to-computer filing processes will be made, FinCEN said. Under the BSA, financial institutions must file CTRs on any transaction in currency of more than $10,000. BSA rules, however, do allow exemptions for certain members, or customers. DOEPs may be filed by financial institutions that wish to exempt certain transactions from BSA reporting requirements. For the FinCEN releases, use the resource links.
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