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After Passage of E-Filing Deadline, Some Institutions Struggle to Catch Up
By Brian Monroe
printAs a deadline for the implementation of electronic Bank Secrecy Act reporting approached earlier this month, hundreds of financial institutions questioned whether they had too little time to comply with the requirements. In September 2011, the department's Financial Crimes Enforcement Network (FinCEN) finalized new technical requirements for the filing of anti-money laundering (AML) reports, including currency transaction reports (CTRs) and suspicious activity reports (SARs). Under the rule, banks and money services businesses (MSBs) had until April 1 to discontinue any paper reporting and adopt XML-based electronic filing. As part of the upgrade, financial institutions must choose from an expanded list...
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