The Financial Crimes Enforcement Network (FinCEN) said Magnetic Media filers must transition to BSA Electronic Filing (E-Filing) by Dec. 31.
The Web-based BSA E-Filing system is user-ID and password-protected and does not require storage media such as tapes and disks to submit Bank Secrecy Act (BSA) reports. The system supports the filing of both single and multiple BSA reports and uses the same file format as the Magnetic Media Program. Reporting institutions also will be able to file a wide range of BSA forms faster and obtain a quicker receipt of acknowledgements.
FinCEN is working with the IRS to ensure a smooth transition. Financial institutions may register for BSA E-Filing at any time. Details on registration and an overview of the system are available at http://bsaefiling.fincen.treas.gov. Filers may also contact the BSA E-Filing Help Desk at 1-888-827-2778 (option 6) from 8 a.m. to 6 p.m. ET, Monday through Friday.
