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 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.
Other Resources

RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
6 hours ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago