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Many MSBs, Small Banks Likely to Miss E-Filing Deadline
By Brian Monroe
printHundreds of money services businesses and other small financial institutions will miss the U.S. Treasury Department's June 30 deadline to file all of their anti-money laundering reports electronically, say sources. The deadline, set by the Financial Crimes Enforcement Network (FinCEN) in September, will require financial institutions to file suspicious activity reports (SARs) and other forms directly to the bureau's database. Roughly 85 percent of the institutions subject to anti-money laundering (AML) rules, including most large banks, already file the reports electronically, according to FinCEN data. But as many as 25 percent of all money remitters could miss the deadline, said...
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