Based on a Final Notice issued last year by FinCEN, credit unions must file mandated reports such as CTRs, SARs, RMSBs and DOEPs electronically through the BSA E-Filing System beginning next month. In most cases, mandated reports filed in paper format will then be considered non-compliant.
Your weekly update on the regulatory landscape.
After a host of difficulties, the BSA E-Filing System is now functioning properly and has finished processing backlog data. Institutions with rejected filings should have received electronic notification and should re-file reports accordingly.
FinCEN will require almost all BSA reports, including CTRs, SARs and designations of exempt persons, to be e-filed as of July 1.
FinCEN will hold an informational webinar on Tuesday, May 8, 2012, to discuss the updated technical specifications for FinCEN’s new CTR and SAR and the recently released specifications for FinCEN’s new DOEP report.
FinCEN has updated its BSA E-Filing System’s User Test System website to allow for testing submissions of batch and computer-to-computer filings of FinCEN’s new CTR and SAR. The site also offers a preview of the PDF versions of the new reports.
FinCEN has released electronic filing requirements for the Currency Transaction Report (CTR) and Suspicious Activity Report (SAR). The BSA E-Filing system will begin accepting batch filings matching the specifications for the new CTR and SAR in December 2011.