- FinCEN Requests Comments on Mandatory Electronic Filing of BSA Reports
On September 14, the Financial Crimes Enforcement Network issued a proposal to require Bank Secrecy Act (“BSA”) reports, including Suspicious Activity Reports (“SARs”) and Currency Transaction Reports (“CTRs”), to be filed electronically starting on June 30, 2012. Comments on the proposal are due by November 15.
Nutter Notes: Electronic filing of BSA reports is currently optional, and is available through a free, web-based electronic filing system. The technical specifications for electronic CTRs and SARS were recently made available to assist programmers to prepare their systems to perform large-batch filings of the reports electronically.
- OCC’s Enforcement Policy Extended to Federal Savings Associations
The OCC has revised the scope of its enforcement policy under its Policies & Procedures Manual for taking action in response to violations of law, rules, regulations, final agency orders and unsafe and unsound practices or conditions to include federal savings associations. The OCC said that the revised enforcement will provide consistent enforcement standards for national banks and federal savings associations.
Nutter Notes: The revised enforcement policy was adopted on September 9 pursuant to the OCC’s authority under section 316 of Dodd–Frank Act. The new policy supersedes OTS Examination Handbook Section 080, Enforcement Actions, and any OTS policies and guidance that relate to issues addressed by that section of the OTS Examination Handbook.