The mandatory electronic filing for Bank Secrecy Act (BSA) reporting has an effective date of July 1, 2012. All institutions subject to the BSA must comply unless they are granted a temporary exemption.
Effective July 1, 2012, the Financial Crimes Enforcement Network (FinCEN) will adopt mandatory electronic filing for all financial institutions subject to Bank Secrecy Act (BSA) requirements. BSA electronic filing, which is provided free of charge, offers streamlined BSA information submission; faster routing of information to law enforcement; greater data security and privacy compared with paper forms; long-term cost savings to institutions, individuals, and the government; and ensures compatibility with future versions of FinCEN reports. Institutions must comply with the effective date for electronic filing unless they are granted a temporary exemption.
For more information on electronic filing, please review FinCEN’s BSA E-Filing System section on FinCEN’s website. For more information about mandatory E-Filing, see the FAQs and the E-Filing Webinar provided by FinCEN to ensure your institution meets the mandatory July 1, 2012, deadline.