FinCEN Issues New E-Filing Mandate

Tighter Compliance Orders Issued for Foreign MSBs
FinCEN Issues New E-Filing Mandate

The Financial Crimes Enforcement Network's March 2013 deadline for automated suspicious activity reports and a new registration process for money-services businesses is outlined in Registration of Money Services Business, FinCEN Form 107.

See Also: 5 Requirements for Modern DLP

On July 18, 2011, FinCEN clarified its rules for foreign-located persons engaging in MSB activities within the United States. The clarification comprises a broader definition for MSBs and requires that all MSBs register with FinCEN.

Foreign MSBs and providers of prepaid access and services are now required to file electronically. Other MSBs may continue to submit paper files until March 31, 2013.

The new electronic form is to be used by overseas foreign-exchange dealers, check cashers, as well as issuers, sellers and redeemers of traveler's checks and money orders. Foreign providers of prepaid services and money transmitters also must use the form.

To reduce paperwork, FinCEN's new system mandates that banking institutions register for the BSA E-Filing System. The process could take five to seven business days.

For more about how the latest FinCEN developments are impacting institutions, see, Case Study: Fraud, AML Integration.

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