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
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
17 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
18 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
18 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
20 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
20 hours ago