Highlights:
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In keeping with its efforts to make BSA filing requirements more secure, efficient and effective, FinCEN recently announced its intention to retire the BSA Magnetic Media Filing Program.
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Current magnetic media filers must transition to BSA Electronic Filing (E-Filing) no later than December 31, 2008.
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BSA E-Filing is a Web-based system that is user ID and password protected and does not require storage media.
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BSA E-Filing supports the filing of both single and multiple BSA reports and uses the same file format as the magnetic media program.
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BSA E-Filing may reduce reporting costs because it does not require the use of tapes or diskettes. Reporting institutions may also experience a decrease in the filing time for a wide range of BSA forms and should expect the rapid receipt of filing acknowledgements.
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Financial institutions currently using the magnetic media program may register to use BSA E-Filing at any time.
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Filers may access details on registration and read an overview of BSA E-Filing at http://bsaefiling.fincen.treas.gov/index.jsp or may contact the BSA E-Filing Help Desk at 1-888-827-2778 (option 6) from Monday through Friday, 8 a.m. to 6 p.m. Eastern time.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officer
BSA Compliance Officer
Related Topics:
Bank Secrecy Act/Anti-Money Laundering Programs
Attachment:
FinCEN's July 21, 2008, press release announcing the retirement of the BSA Magnetic Media Filing Program - PDF (PDF Help)
Contact:
Anti-Money Laundering Specialist Marie Edwards at SASFIL@FDIC.gov or (202) 898-3673.
Printable Format:
FIL-76-2008 - PDF (PDF Help)
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at: http://www.fdic.gov/news/news/financial/2008/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 N. Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).
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