Regulatory Alerts2012-02-24
Added
Electronic Filing of Bank Secrecy Act Reports
FinCEN mandates that all financial institutions subject to Bank Secrecy Act reporting use electronic filing for certain reports beginning July 1, 2012. This requirement excludes the Report of International Transportation of Currency or Monetary Instrument Report and makes electronic filing optional for the Report of Cash Payments Over $10,000 Received in a Trade or Business. FinCEN will consider limited hardship exemptions for institutions unable to meet the deadline, allowing them to file paper forms for up to one year past the mandatory date.
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