Notices to Members2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | Show fewer years
June 05, 2012
The Financial Crimes Enforcement Network (FinCEN) Requires Electronic Filing of SARs and CTRs
On February 29, 2012, FinCEN published a Final Notice requiring that all financial institutions subject to the Bank Secrecy Act (BSA) begin electronically filing certain BSA reports effective July 1, 2012. A copy of the final notice appears at http://www.gpo.gov/fdsys/pkg/FR-2012-02-29/pdf/2012-4756.pdf. As a result, beginning July 1, 2012, FCMs must electronically file Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) and IBs must electronically file SARs through FinCEN's BSA E-Filing System. For those FCMs and IBs that have not enrolled in the BSA E-Filing System, please access the following link for enrollment information: http://www.fincen.gov/whatsnew/pdf/E-File_Brochure.pdf. Note that the enrollment process can take from 5 to 7 days.
FCMs and IBs may currently file Reports of Foreign Bank and Financial Accounts (FBARs) using FinCEN's E-Filing System. However, the deadline for mandatory E-Filing for those reports is July 1, 2013.
General E-Filing FAQs can be found at: http://www.fincen.gov/forms/e-filing/Efiling_FAQs.html.
Questions concerning the E-Filing requirement should be directed to Erin Walls, Field Supervisor, Compliance at firstname.lastname@example.org or Sharon Pendleton, Director, Compliance at email@example.com.