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Washington
New FinCEN BSA e-filing required by new year
WASHINGTON (7/23/08)—By the first of next year, the Financial Crimes Enforcement Network (FinCEN) will require any electronic filing of Bank Secrecy Act (BSA) information to be executed through a new BSA Electronic Filing program. As part of its effort to make BSA filing requirements more secure, efficient, and effective, FinCEN announced this week that it will retire its current BSA Magnetic Media Filing Program in favor of the new system. 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. The following forms are currently available for BSA E-Filing:
* Currency Transaction Reports (CTRs); * Designations of Exempt Persons (DEPs); and * Suspicious Activity Reports (SARs).
“Reporting institutions will also see a decrease in the time it takes to file a wide range of BSA forms and will obtain a more rapid receipt of acknowledgements,” according to a FinCEN release. FinCEN is collaborating with the Internal Revenue Service (IRS) to ensure a transition as seamless as possible. Use the resource link below to register to use BSA E-Filing.
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