Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
New FinCEN brochure pushes BSA e-filing
VIENNA, Va. (4/19/10)—The Financial Crimes Enforcement Network (FinCEN) is circulating a new brochure as part of its ongoing effort to encourage credit unions and other financial institutions to electronically file Bank Secrecy Act (BSA) reports. The new brochure, with the catchy-sounding title, “How FinCEN’s E-Filing System Can Help Your Organization,” is a two-page pamphlet that highlights such things as the benefits of e-filing over paper filing and recent enhancements FinCEN has executed for its e-filing system. The BSA, the basis of which is the 1970 law known as The Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act, is actually a combination of various statutes that require credit unions and others to record, retain and report certain questionably illegal financial transactions to the federal government. BSA E-Filing, first developed in 2002, is a free, web-based system that is user-ID and password protected. Financial institutions subject to BSA reporting requirements use the system to electronically file a variety of BSA forms, either individually or in batches, through a FinCEN secure network. The following forms are currently available for BSA E-Filing:
* Currency Transaction Reports (CTRs); * Designations of Exempt Persons (DEPs); and * Suspicious Activity Reports (SARs).
Use the resource link below to acces the new brochure.
Other Resources

RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
11 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
14 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
14 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
15 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
16 hours ago