In keeping with its efforts to make BSA filing requirements more secure, efficient and effective, FinCEN recently announced its intention to retire the BSA Magnetic Media Filing Program.
Current magnetic media filers must transition to BSA Electronic Filing (E-Filing) no later than December 31, 2008.
BSA E-Filing is a Web-based system that is user ID and password protected and does not require storage media.
BSA E-Filing 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 acknowledgements.
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/index.jsp or may contact the BSA E-Filing Help Desk at 1-888-827-2778 (option 6) from Monday through Friday, 8 a.m. to 6 p.m. Eastern time.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
BSA Compliance Officer
Bank Secrecy Act/Anti-Money Laundering Programs
FinCEN's July 21, 2008, press release announcing the retirement of the BSA Magnetic Media Filing Program - PDF (PDF Help)
Anti-Money Laundering Specialist Marie Edwards at SASFIL@FDIC.gov or (202) 898-3673.
FIL-76-2008 - PDF (PDF Help)
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at: http://www.fdic.gov/news/news/financial/2008/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 N. Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).