Financial institutions must contact FinCEN by following the procedures noted in today's guidance in order to be considered for a temporary exemption from the requirement to file electronically from July 1, 2012.
Thursday, February 23, 2012
FinCEN Announces Opportunity For Temporary Exemption From Mandatory BSA e-Filing
FinCEN is announcing today a process by which institutions may apply for a limited duration hardship exemption from the requirement to file reports electronically beginning July 1, 2012. Through this process, FinCEN will grant a very limited number of temporary exemptions to institutions that follow FinCEN's specific process and that demonstrate a substantial hardship in meeting the July 1, 2012, requirement.
Financial institutions must contact FinCEN by following the procedures noted in today's guidance in order to be considered for a temporary exemption from the requirement to file electronically from July 1, 2012.
Financial institutions must contact FinCEN by following the procedures noted in today's guidance in order to be considered for a temporary exemption from the requirement to file electronically from July 1, 2012.
Friday, February 17, 2012
FinCEN Provides New CTR and SAR Form Layouts and Access To BSA e-Filing Test Site
February 17, 2012
FinCEN has updated the BSA E-Filing System’s User Test System Web site to allow for testing submissions of batch and computer-to-computer filings of FinCEN’s new Currency Transaction Report (CTR Form 112) and Suspicious Activity Report (SAR Form 111). Additionally, the site offers a preview of the future PDF versions of these new reports, which enable institutions to file individual reports (discrete filing).
Click here for more details
FinCEN has updated the BSA E-Filing System’s User Test System Web site to allow for testing submissions of batch and computer-to-computer filings of FinCEN’s new Currency Transaction Report (CTR Form 112) and Suspicious Activity Report (SAR Form 111). Additionally, the site offers a preview of the future PDF versions of these new reports, which enable institutions to file individual reports (discrete filing).
Click here for more details
Tuesday, December 20, 2011
FinCEN Extends Deadline for Adopting New CTR and SAR
The Financial Crimes Enforcement Network (FinCEN) is announcing today that the deadline for financial institutions to utilize FinCEN's new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) for reporting purposes will be extended to March 31, 2013.
FinCEN will continue to accept submissions to its Bank Secrecy Act (BSA) E-Filing System that use the most current "legacy" forms (such as the CTR, CTR by Casinos, and industry-specific SARs) until the mandated use of the new reports in 2013. Hence, for a period of over a year, financial institutions will be able to file either the legacy forms or the new reports.
FinCEN expects that the clear benefits associated with the transition to a fully electronic reporting system will support mandating electronic filings of BSA reports as of the proposed date of June 30, 2012.
Full details here.
FinCEN will continue to accept submissions to its Bank Secrecy Act (BSA) E-Filing System that use the most current "legacy" forms (such as the CTR, CTR by Casinos, and industry-specific SARs) until the mandated use of the new reports in 2013. Hence, for a period of over a year, financial institutions will be able to file either the legacy forms or the new reports.
FinCEN expects that the clear benefits associated with the transition to a fully electronic reporting system will support mandating electronic filings of BSA reports as of the proposed date of June 30, 2012.
Full details here.
Monday, December 5, 2011
“Compliance Alert
2012!” Webinar Series Announced
Resort Advantage, the recognized leader in complete FinCEN and IRS compliance solutions for the gaming industry, along with industry experts from Casino Essentials, Convey Compliance, Dowling Advisory Group and Regulatory Management Counselors are hosting a multi-part series of webinars discussing the critical FinCEN and IRS issues facing casinos as they prepare for managing compliance at their properties in 2012. Each session will address federal regulations, and their respective application to the gaming industry.
Resort Advantage, the recognized leader in complete FinCEN and IRS compliance solutions for the gaming industry, along with industry experts from Casino Essentials, Convey Compliance, Dowling Advisory Group and Regulatory Management Counselors are hosting a multi-part series of webinars discussing the critical FinCEN and IRS issues facing casinos as they prepare for managing compliance at their properties in 2012. Each session will address federal regulations, and their respective application to the gaming industry.
The first Series Part 1 Webinar, “2012 FinCEN and IRSReporting Requirements – What You Will Need!” will be held on December 8, 2011
at 11:00 am (PST). At this webinar,
attendees will learn about the new FinCEN and IRS compliance reporting
requirements for 2012 and how they will impact the regulatory procedures /
controls within the four key areas of casino compliance operations:
- Persons Doing Business at the Property
- Forms Management / Electronic Submission
- Staff Regulatory Knowledge
- Reporting / Auditing
Specific topics will include:
- State of the Industry
- Changes to the SAR-C and CTR-C Form
- Electronic form submission requirements and alternatives for meeting the requirement
- New IRS penalties – Form 1042-S incorrect or late filings
- Employee regulatory training impact
-
Creating a realistic timeline to comply
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