Tuesday, July 22, 2008

FinCEN Announces Retirement of BSA Magnetic Media Filing Program

Yesterday, according to this press release from FinCEN, they announced they would be retiring the BSA Magnetic Media Filing Program. All companies must transfer to the BSA e-filing no later than December 31 of this year.

They cited many reasons for the transition to these new programs, including the fact that e-filing is more secure, cost efficient and user friendly. It also decreases the time it takes to file forms and can provide a more rapid receipt of acknowledgment.

The transition to the web based program will support single and multiple based BSA reports, and users are no longer required to store media, instead it can be accessed on the web with a user ID and a password.

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