Banks and thrifts must switch to a new filing system for Bank Secrecy Act reports by yearend.
The Financial Crimes Enforcement Network announced last month that institutions have until Dec. 31 to switch to an Internet-based system for the filings, such as suspicious activity and currency transaction reports.
The Federal Deposit Insurance Corp. alerted its state-chartered banks to the change in a letter Thursday.
Mandated use of electronic filing — which was already an option for institutions — will mean the end of a system that allows banks and thrifts to file reports by tape or diskette.
The new system aims to reduce mailing costs, keep data more secure, and reduce the amount of time it takes to submit reports.
More information about the new e-filing system is available online at
