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RAPAPORT... The Financial Crimes Enforcement Network (FinCEN) issued its final reminder to those in the trade to adopt the new electronic reporting format by April 1, 2013. These mandates cover filing Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), Registration of Money Services Business (RMSBs) and Designation of Exempt Person Reports (DOEPs) as required under the Bank Secrecy Act.
FinCEN considers any paper filing to be out of compliance from March 31 forward and failure to meet these filing standards is subject to civil money penalties. Electronic reports are available through the BSA E-Filing System, where FinCEN's new SAR, CTR, RMSB and DOEP reports are available. The BSA E-Filing System will accept submissions of the legacy versions of the SAR, CTR, DOEP and RMSB only until March 31.
For additional information, visit FinCEN's website http://www.fincen.gov/ or for general questions, call the regulatory helpline at 1.800.949.2732.
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