WASHINGTON (11/4/089)—The Financial Crimes Enforcement Network (FinCEN) Monday sent an important reminder that as of Jan.1 it will require any electronic filing of Bank Secrecy Act (BSA) information to be executed through a new BSA Electronic Filing program. FinCEN announced the new program in July and said it was part of its effort to make BSA filing requirements more “secure, efficient, and effective.” FinCen is retiring its BSA Magnetic Media Filing Program in favor of the new program. The magnetic media filing has required credit unions and other financial institutions to submit BSA reports using tapes and diskettes. The more secure BSA E-Filing is a web-based system that is user-ID and password protected. Importantly, it does not require storage media. BSA E-Filing supports both single and multiple BSA report filings and uses the same file format as the Magnetic Media Program. FinCEN has suggested that without tapes or diskettes to mail, BSA E-Filing may help reduce reporting costs. FinCEN said it is collaborating with the Internal Revenue Service (IRS) to ensure this transition is as seamless as possible. Financial institutions currently using the Magnetic Media program to file BSA reports may register to use BSA E-Filing at any time. Filers may contact the BSA E-Filing Help Desk at 1-888-827-2778 (option 6) from 8 a.m. to 6 p.m., Monday through Friday or use the resource link below to access details on registration and see an overview of BSA E-Filing.