Gunster – Banking Advisory, December 2008
Today, the Financial Crimes Enforcement Network (“FinCEN”) released a final reminder that institutions currently using the Bank Secrecy Act(“BSA”) Magnetic Media Filing Program(“Magnetic Filing”) must transition to the BSA Electronic Filing program (“BSA E-Filing”) no later than December 31, 2008 (“Final Reminder”).
In July 2008, FinCEN announced its intention to retire Magnetic Filing and replace it with BSA EFiling.BSA E-Filing is a web-based system that isuser-ID and password protected.
BSA E-Filing supports the filing of both single and multiple BSA reports and uses the same file format as Magnetic Filing.BSA E-Filing is deemed more secure, cost efficient and user-friendly. Because there are no tapes or diskettes to mail, BSA E-Filing may reducereporting costs. Furthermore, by using BSA E-Filing, reporting institutions will notice quicker filing of awide range of BSA forms and will obtain receipt of acknowledgements more rapidly.
Please note that FinCEN will consider MagneticFiling submissions received after December 31, 2008as an indicator of non-compliance. CurrencyTransaction Report data on magnetic media that ispost-marked before December 31, 2008, but receivedafter January 1, 2009, will be processed but, due to anew security policy, not acknowledged via magneticmedia.
Financial institutions currently using MagneticFiling to file BSA reports may register to use the BSAE-Filing by visiting http://bsaefiling.treas.gov/index.jspor may contact the BSA E-Filing Help Desk at 1-888-827-2778 (option 6).
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Should you wish to receive further information concerning matters discussed in this Banking Advisory, please contact Clemente Vazquez-Bello,Esq. at (305) 376-6082, Andres A. Fernandez, Esq.at (305) 376-6097 or Marina Olman, Esq. at (305)376-6069 or at [email protected],[email protected] or [email protected].
This Banking Advisory is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken which might be influenced by this Banking Advisory.
