Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
FinCEN proposes to make BSA e-filing mandatory
WASHINGTON (9/15/11)--The Financial Crimes Enforcement Network (FinCEN) is considering making electronic filing of all Bank Secrecy Act (BSA) reports mandatory, starting on June 30, 2012. FinCEN said the switch to all-electronic filing would “improve efficiency, reduce costs for the financial industry, and enhance the ability of investigators, analysts, and examiners to gain better and more timely access to important financial information.” Increased BSA E-Filing would also help FinCEN provide information relevant to money laundering and terrorist financing investigations to law enforcement “in the quickest manner possible,” shortening the lag time between when BSA reports are filed and when they can be accessed by authorities to two days. Criminal investigators and other officials are forced to wait two weeks to access new paper-filed BSA reports. FinCEN will accept comment on the proposal for 60 days after it is published in the Federal Register. BSA E-Filing, first developed in 2002, is a free, voluntary, Web-based system that is user-ID and password protected. Financial institutions subject to BSA reporting requirements use the system to electronically file a variety of BSA forms, either individually or in batches, through a FinCEN secure network. FinCEN noted that 85% of BSA filings already are made electronically. The following forms are currently available for BSA E-Filing:
*Currency Transaction Reports (CTRs); *Designations of Exempt Persons (DEPs); and *Suspicious Activity Reports (SARs).
Currency and Monetary Instrument Reports, which are usually filed by individuals crossing the border into the U.S., would be exempted from the E-filing obligation, FinCEN said. FinCEN this month provided technical specifications to help staff prepare their institutions for future large filings of SARs and CTRs, and FinCEN has also scheduled a webinar for Sept. 29. For FinCEN’s latest proposal and more on the technical specifications, use the resource links.
Other Resources

RSS





print
News Now LiveWire
#NewsNow Redwood CU branch manager will do double duty as mayor http://t.co/yRnkcQYrEG
33 minutes ago
.@PCUA PAC donors notch record $151K+, surpassing 2013 total
34 minutes ago
Cheney, La Pine, Middleman join @NCUFoundation board #NewsNow http://t.co/4C14PZpFf5
1 hours ago
Happy holidays! Here's your gift-report of another data breach: Staples between April and Sept, 1.16M cards at risk http://t.co/jDhJCkf3LC
2 hours ago
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
18 hours ago