Tuesday, March 12, 2013
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/ .
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