Regulatory Alerts2011-09-14
Added
Proposal That Electronic Filing of Bank Secrecy Act Reports Be Required
FinCEN proposes to mandate the electronic submission of all Bank Secrecy Act reports, excluding the Report of International Transportation of Currency or Monetary Instruments, effective no later than June 30, 2012. The proposal requires financial institutions and other persons to file these reports using the BSA E-Filing system, while allowing small businesses to request a temporary hardship exemption of up to one year for documented serious problems preventing compliance. Comments on this proposal must be submitted on or before November 15, 2011.
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