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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More Civil Money Penalties Assessed by FinCEN and the OCC

FinCEN and the OCC assessed concurrent $15 million civil money penalties against the New York branch of the United Bank for Africa for pervasive and systemic internal control and audit deficiencies, and the Branch's continued failure to identify and report suspicious activities.The Branch, without admitting or denying the allegations, consented to payment of the civil money penalties, which will be satisfied by a single payment of $15 million to the U.S. Department of the Treasury.

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FinCEN Releases Assessment on Insurance Company SAR Trends

The Financial Crimes Enforcement Network released its assessment on suspicious activity reporting from insurance companies, highlighting the trends, significant findings, and recommondations for the industry. You can download the report here.

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