VIENNA, Va. (7/19/12)--The Financial Crimes Enforcement Network (FinCEN) has updated credit unions and other financial institutions on recent Bank Secrecy Act (BSA) electronic filing problems saying the system is now functioning properly and FinCEN has completed the processing of backlog data.
E-filing of all BSA reports became mandatory on July 1. That requirement effective date combined with a concurrent and massive power outage in the Washington, D.C. metropolitan area--of which Vienna, Va. is a part-- resulted in delays, failed login sessions and, in a few cases, mistaken rejections of properly filed reports.
State and federal financial regulators have been informed of the unique circumstances that arose during this period and examination staff should consider these events when reviewing a financial institution's filings for this period.
As a reminder and reflected in FinCEN's Feb. 24 Notice to Financial Institutions on the Exemption Process, FinCEN acknowledges that financial institutions may at times, and on limited occasions, have ad hoc administrative difficulties in submitting BSA reports electronically within the required timeframes.
At such times, financial institutions should contact FinCEN's regulatory helpline at 1-800-949-2732 to alert FinCEN of the compliance concerns and to determine the best option to ensure the required information is submitted in the most expedient manner.