Posted by: ABIA Outside Counsel Chrys Lemon and Adam Maarec, McIntyre & Lemon, PLLC
Effective April 1, 2013, Suspicious Activity Reports must be filed electronically through the Bank Secrecy Act (BSA) E-Filing System. The required forms may only be accessed by logging into the BSA E-Filing System. “Financial institutions that continue to file mandated reports in paper format will fail to meet BSA reporting requirements and may be subject to civil money penalties” under 31 C.F.R. 1010.820. (Emphasis added). FinCEN has made a test site available for institutions to prepare their submissions.
Read our compliance brief prepared just for bank-owned agencies that are members of ABIA. If you are having trouble logging on or you are with a member that is not a bank, please contact us and we will email you a copy.
ABIA members may access a wealth of compliance information – including our flagship Compliance Handbook on our new compliance page. If you need help logging in, please contact us and we will be happy to assist you.