An upcoming webinar and Your Association’s Cybersecurity Resource Center convene guidance, resources, and best practices all in one spot.
FinCEN’s guidance for credit unions that want to serve marijuana-related businesses certainly provides clarity, attorney Hal Scoggins writes, but it brings minimal regulatory relief.
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.
The unauthorized disclosure of a SAR is a violation of federal law, and both civil and criminal penalties may be imposed for SAR disclosure violations, including fines of up to $250,000 and up to five years in prison.
FinCEN announced that the deadline for financial institutions to utilize its new Currency Transaction Report and Suspicious Activity Report has been extended to March 31, 2013.
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.