Posted By: John Burnett
FinCEN postpones mandatory use of new formats - 12/20/11 06:55 PM
FinCEN announced that the deadline for financial institutions to utilize FinCEN's new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) for reporting purposes will be extended to March 31, 2013.
FinCEN still thinks it has a valid case for mandating e-filing by June 30, 2012, but it extended the date for use of the new, expanded, file formats for CTRs and SARs in response to industry complaints that the original 6/30/12 date would not provide enough time for implementation and testing.
FinCEN still thinks it has a valid case for mandating e-filing by June 30, 2012, but it extended the date for use of the new, expanded, file formats for CTRs and SARs in response to industry complaints that the original 6/30/12 date would not provide enough time for implementation and testing.