E-filing your BSA reports (PACS) by Mary Beth Guard, BOL Guru
The USA Patriot Act required FinCEN to develop a highly secure network to allow financial institutions to electronically file certain BSA forms via a secure Internet-based e-filing system. In response, FinCEN has developed the Patriot Act Communication System, or PACS.
About the Patriot Act Communications System (PACS)
officially launched October 1, 2002;
designed to allow participating financial institutions to quickly and securely file Bank Secrecy Act reports over the Internet;
Phase one of the system will allow for the filing of the bank Suspicious Activity Report and the Currency Transaction Report;
will expedite the reporting process and make the information available to law enforcement more rapidly;
Use of PACS is not mandatory by financial institutions. It merely adds a new option for filing -- electronic filing.
How to use it
There is no cost to use PACS. Financial institutions wishing to participate in PACS will be able to access the system only after their specially designated personnel have applied for and received a digital certificate from a Government-approved certificate authority. The process for obtaining the digital certificate is explained on the site.
On the PACS Web site, there is a Q&A titled "Should I use PACS?" That document provides answers to questions such as how significant the benefits will be to your institution.
The original version appeared in the March 2003 edition of the Oklahoma Bankers Association Compliance Informer.
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