As a reminder, all Financial Crimes Enforcement Network (FinCEN) reports (with a few exceptions) must be filed electronically beginning July 1, 2012. Credit unions are encouraged to begin using the BSA E-Filing System as soon as possible. Almost all FinCEN reports fall within the e-filing requirement, but Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) are the primary reason for the requirement. FinCEN also encourages individuals to e-file FBARs (Reports of Foreign Bank and Financial Accounts), whose mandatory e-filing requirement date isn't until June 30, 2013.
For more information, view the related FinCEN news release.
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