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 updates on e-filing problems
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.
Other Resources

RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
7 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
7 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
8 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
8 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
9 hours ago