Compliance Blog

Written by Shari R. Pogach, Regulatory Paralegal

FinCEN announced yesterday that it will be holding two upcoming informational webinars to discuss the BSA E-Filing process and filing instructions for the agency’s new Suspicious Activity Report (SAR), Currency Transaction Report (CTR) and Designation of Exempt Person (DOEP) forms.  

The webinar covering SARs will be held Tuesday, September 18, 2012 at 1:00pm ET.  The second webinar on the CTR and DOEP forms will be held on Tuesday, October 2, 2012 at 1:00pm ET.  FinCEN indicates agency  representatives will provide an overview of the E-Filing process and filing instructions as well as FAQs on completing the forms during each webinar.

FinCEN’s new forms are only available through the BSAE-Filing System.  It is recommended that you review the new forms before the webinars for any specific questions you may have for discussion.  The two webinars are meant for and oriented to personnel with BSA-related responsibilities. The agency indicates that space is also limited so you might want to go ahead and register for these sessions.

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In addition, FinCEN released FIN-2012-G005.  This guidance discusses the definition of motor vehicles, vessels, aircraft and farm equipment in relation to exempting cash transactions from the CTR requirement.  The agency stresses that this is general guidance and serves as an informal guide of examples of the purchase or sale of motor vehicles, vessels, aircraft and farm equipment that fall within ineligible business activities for CTR exemptions.  In case you were wondering, the list of examples include:  jet skis, paddle boats, hang gliders, hot-air balloons, golf carts, snow mobiles, motorized skateboards and Segways.