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FinCEN Expands E-Filing System: BSA Reports Can Now Be Filed Over Secure Internet
The Patriot Act Communication System (PACS) is now up and running, allowing participating financial institutions to quickly and securely file Bank Secrecy Act reports over the Internet. Phase one of the system allows the filing of the Suspicious Activity Report (Form TD F 90-22.47 or SAR) and the Currency Transaction Report (Form 4789 or CTR).
The electronic filing of the BSA reports will expedite the reporting process, making the information available to law enforcement more rapidly. It is also designed to reduce the costs of complying with the requirement to file CTRs and SARs.
More than 13 million BSA reports are filed with FinCEN each year through the IRS Detroit Computing Center. Prior to the introduction of the new filing method, reports could be sent either on magnetic tape or on paper through the U.S. mail. The e-filing now available is not required, but can provide a financial institution with an easily used, inexpensive alternative.
How It Works
All BSA forms and data submitted to PACS will be encrypted for protection. At the end of each day, PACS will deliver all submitted BSA data to the IRS Detroit Computing Center for processing. Electronic notification of filings will be provided by PACS to the filing financial institution after processing. You can run a hard copy of your report before you send it if you wish to keep a copy in-house, but only send the electronic form - don't send the hard copy to IRS in addition to the electronic filing.
FinCEN will also use the PATRIOT Act Communication System to issue alerts consisting of FinCEN advisories, PACS updates, and other communications.
How To Get It
Financial institutions wishing to use the new system must apply for and receive a digital certificate from a Government-approved certificate authority. Information regarding how to apply for and use the system can be found on the FinCEN website at www.treas.gov/fincen. To decide if the PATRIOT Act Communication System is right for your institution, visit the PACS public site at http://pacs.treas.gov.
Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 8, 10/02
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