WASHINGTON (9/17/12)--While the Financial Crimes Enforcement Network (FinCEN) has required electronic filing of all Bank Secrecy Act (BSA) reports since July 1, some financial institutions are still filing these reports in the older paper format. FinCEN has reached out to these firms in a bid to correct this mistake.
FinCEN reported its new e-filing platform, launched this summer, had issues that prevented BSA filers from sending those forms electronically. However, FinCEN noted, the issues have been resolved, and the system is now functioning properly.
Currency Transaction Reports, Designations of Exempt Persons, and Suspicious Activity Reports are among the reports that can be e-filed. Almost all BSA reports must now be e-filed, but Currency and Monetary Instrument Reports are not covered under the e-filing requirement. Firms that continue to file paper versions of BSA forms may face civil money penalties, FinCEN said.
The switch to all-electronic BSA filing will 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, according to the agency. Increased BSA e-filing will also help speed up financial crime investigations.
The agency has scheduled a pair of upcoming webinars to help BSA filers adjust to the filing changes.
FinCEN Query, a new application that will allow law enforcement and regulatory officials to access and analyze 11 years of BSA reports and other data, was released this week by the agency.
For more on the webinar and FinCEN Query, use the resource links.