WASHINGTON (4/1/13)--Time's up! Credit unions and other financial institutions must begin using new, online-only Bank Secrecy Act (BSA) report forms starting today, the Financial Crimes Enforcement Network (FinCEN) reminds.
Suspicious Activity Reports, Currency Transaction Reports, Registration of Money Services Business, and Designation of Exempt Person Reports are among the reformatted reports that must be filed electronically, FinCEN said.
FinCEN said reports that are filed in paper format may be rejected, and returned to the institution that filed them. "Financial institutions that continue to file mandated reports in paper format will fail to meet BSA reporting requirements and may be subject to civil money penalties," FinCEN added.
Use the resource link for the FinCEN advisory.