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Many Financial Institutions Unlikely to Meet FinCEN’s E-Filing Deadline
By Brian Monroe
printHundreds of banks and credit unions are likely to miss a June deadline to comply with federal rules mandating that they file all anti-money laundering regulatory reports electronically. The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) published technical specifications for the plan in September, 11 months after proposing changes that require financial institutions to complete new versions of suspicious activity and currency transaction reports as part of the bureau's Bank Secrecy Act database overhaul. Under the plan, banks and third-party vendors must configure their software with the new XML-based versions of the reports, known as SARs and CTRs. Compliance...
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