I. INTRODUCTION
The Financial Crimes Enforcement Network (FinCEN) has announced its intention to retire the Bank Secrecy Act (BSA) Magnetic Media Filing Program. Financial institutions currently filing their BSA reports using the magnetic media filing system must transition to BSA Electronic Filing (BSA E-Filing) no later than December 31, 2008. The change in filing system is designed to make BSA filing requirements more secure, efficient and effective.
II. BSA E-FILING
BSA E-Filing is a Web-based system that is user ID and password protected and does not require storage media. It supports the filing of both single and multiple BSA reports and uses the same file format as the Magnetic Media Program.
BSA E-Filing may reduce reporting costs because it does not require the use of tapes or diskettes. Reporting institutions may also experience a decrease in the filing time for a wide range of BSA forms and should expect the rapid receipt of filing acknowledgments.
Financial institutions currently using the Magnetic Media Program may register to use BSA E-Filing at any time. Filers may access details on registration and read an overview of BSA E-Filing at http://bsaefiling.fincen.treas.gov/main.html or may contact the BSA E-Filing Help Desk at 1-866-346-9478 (option 1) or at BSAEFilingHelp@fincen.gov. FinCEN has provided a questions and answers guide for filers at: http://bsaefiling.fincen.treas.gov/FAQs.html
III. SAR ACKNOWLEDGEMENTS FOR BSA E-FILING SUBMISSIONS
In September of 2009, the Financial Crimes Enforcement Network (FinCEN) implemented Suspicious Activity Report (SAR) Acknowledgements for Bank Secrecy Act Electronic Filing (BSA E-Filing) submissions. This functionality gives BSA E-filers a Document Control Number (DCN) as an acknowledgement of receipt for the originally submitted SAR and is available for all SAR form types: Suspicious Activity Report by Depository Institutions (SAR-DI).
The BSA E-Filing system offers filers a self-enrollment feature to allow them to register to receive SAR Acknowledgement files when they are ready to begin processing. There is no enrollment deadline at this time; however, FinCEN strongly encourages filers to enroll to receive this critical feedback.
FinCEN has developed a SAR Acknowledgement Questions and Answers document containing information about this new functionality, along with revised BSA Electronic Filing Requirements. This document provides filers with the information needed to make required changes for SAR Acknowledgement file processing and became available on the BSA E-Filing Web site in August 2009. The Electronic Filing Requirements include new SAR Acknowledgement file record formats and SAR form validation error codes and descriptions
In December 2009, FinCEN will implement SAR Validations, which will allow the BSA E-Filing system to validate SAR documents and provide filers with feedback on the quality of their submissions.
Please note, SAR Acknowledgement functionality is only available for BSA SAR filings submitted electronically. SAR filings submitted via paper are not acknowledged.