Wednesday, February 20, 2013
(GMT-05:00) Eastern Time (US & Canada)
Old paper forms for Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) are going away, replaced by the new format which will only be available online. All credit unions (unless granted an exemption by FinCEN) now need to file Bank Secrecy Act (BSA) reports electronically. By this spring, the new formats will be required and the old (legacy) forms will be retired. But the new formats are already available on FinCEN’s e-filing system, so credit unions should be preparing to use them long before the mandatory deadline. If you batch file or rely on your data processing system to help populate the forms for filing electronically, there are significant changes your processor must be working on right now in order to meet the spring deadline. Learn what you need to know to be prepared down the line.
In this session we will discuss:
· Why the electronic filing deadline for CTRs will revert back to 15 calendar days
· Which portions of the new formats are required fields (and which are not)
· What new fields may require new information to be obtained (and likely involve updating your staff training)
· How the SAR categories have been greatly expanded (again involving staff training)
· Where to go to practice using the new formats
Speaker: Mary Lou Heighes, CUCE, is President and founder of Compliance Plus, Inc. Mary-Lou has been involved in the credit union movement since 1989. She spent 5 years working in credit unions, in almost every position. Like many credit union veterans, she has worn many hats - loan officer, marketer, collector, and the all-encompassing OTHER DUTIES AS ASSIGNED. That background made for an easy transition to the Research and Information Department at the California Credit Union League where she spent 7 years providing compliance assistance through the Information Hotline and writing and editing TIPs bulletins advising credit unions to changes to regulations affecting credit union business.
Location: Via Telephone
Time: 11:00 am - 12:00 pm EST
Educational Investment: $109.00 per telephone connection. Unlimited Listeners and Free Audio Archive
****You must be registered for this session to hear the audio-recorded version and receive handouts.****
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