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Tuesday, March 12, 2013

FinCEN reminds FIs of e-filing mandate

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, is reminding financial institutions (FIs) that they are required to begin filing "mandated" Bank Secrecy Act (BSA) reports electronically by April 1, 2013. FinCEN said mandated reports include suspicious activity reports, currency transaction reports, registration of money services business forms and designation of exempt person reports. The agency warns that FIs will be considered noncompliant if they continue to file reports in a paper format after the April deadline.

FinCEN said that its BSA E-Filing System will continue to accept paper submissions until March 31, 2013; after that date, FIs may be subject to civil money penalties if they continue to submit paper reports. FinCEN noted that it may reject any mandated reports filed in paper format after March 31 and return them to FIs.

The BSA regulations were put in place to help FIs assist law enforcement in combating terrorist financing, money laundering and other financial crimes. More information about the BSA E-Filing System can be found at www.fincen.gov/forms/e-filing/ . end of article

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