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.