Updates to BSA E-Filing System for FinCEN Suspicious Activity Reports
FCMs and IBs Can Use BSA E-Filing System To File Several FinCEN Forms, Namely Suspicious Activity Reports
FinCEN (Financial Crimes Enforcement Network) recently improved its online BSA (Bank Secrecy Act) e-filing system. The security-enhanced site can be used for free and allows users (such as FCMs and IBs) to submit FinCEN forms more efficiently. Your firm’s filing organization will need to appoint a specific person to act as the initial BSA E-filing System Supervisory User. Click here to view the steps required to enroll.
The full text of the NFA press release is reprinted below and can also be found here.
The BSA e-filing system is located here.
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Notice I-10-08
February 03, 2010
FinCEN Adds Enhancements to its BSA E-Filing System
FinCEN recently requested that NFA provide NFA Member FCMs and IBs with notice of recent enhancements made to its BSA E-Filing System. FCMs and IBs may file SAR-SFs via the E-Filing System.
In September 2009, FinCEN implemented Phase I of the BSA E-Filing SAR Acknowledgements and Validation Process. Phase I provides BSA E-Filers with a receipt acknowledging their filing of a Suspicious Activity Report. In December 2009, FinCEN implemented Phase II of the project, which applies data quality checks and provides filers with information on the quality of their submission for electronically filed SARs of all types, including SAR-SFs.
The BSA E-Filing system allows FCMs and IBs to self-enroll to receive SAR acknowledgements and validation error codes. FinCEN strongly encourages filers to enroll to receive this critical feedback.
If you have any questions regarding this process, please contact the BSA E-Filing Help Desk at 1-888-827-2778 (option 6) or via email at BSAEFilingHelp@notes.tcs.treas.gov. FinCEN has also prepared a Q&A Manual on the process, including how to enroll, which you may access at http://bsaefiling.fincen.treas.gov under “Hot Topics”.
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Bart Mallon, Esq. of Mallon P.C. runs the Forex Law Blog and provides forex registration service through forexregistration.com. Mr. Mallon also runs the Hedge Fund Law Blog. He can be reached directly at 415-868-5345.
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