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Bank Secrecy Act Filings Go Electronic on July 1

May 8, 2012 7:03 AM   By Jeff Miller
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RAPAPORT... The U.S. Financial Crimes Enforcement Network (FinCEN) is requiring all institutions subject to Bank Secrecy Act reporting to file their reports electronically beginning July 1. The change was made in an effort to improve efficiency, reduce government and industry costs and enhance the ability of investigators, analysts, and examiners to access information in a timely manner.

Bank Secrecy Act e-filing, which is free to use, streamlines information submission, quickly routes information to law enforcement, offers greater data security and privacy than paper and ensures compatibility with future versions of FinCEN reports. Effective July 1, institutions must submit FinCEN reports electronically unless they are eligible to request a temporary exemption as identified in the final ruling.

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Tags: bank secrecy act, crimes, electronic, enforcement, filing, financial, fincen, Jeff Miller, july 1
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