Alert September 20, 2011

FinCEN Issues Proposal That Would Require Electronic Filing of Bank Secrecy Act Forms Beginning June 30, 2012

FinCEN issued a notice and request for comments (the “Notice”) pursuant to which FinCEN would require electronic filing, beginning June 30, 2012, of all Bank Secrecy Act reports (other than the Report of International Transportation of Currency or Monetary Instruments, which is filed at the applicable port of entry or exit with the Department of Homeland Security’s Customs and Border Protection or with the Commissioner of Customs).  FinCEN stated that making electronic filing mandatory (when combined with a new and improved electronic filing system that FinCEN will introduce in advance of the June 30, 2012 deadline) would “enhance the quality of [FinCEN’s] electronic data, improve our analytic capabilities in supporting law enforcement requirements and result in a significant reduction in real costs to the U.S. government and ultimately to U.S. taxpayers.”  Comments on the Notice are due by November 15, 2011.