Suspicious Activity Reporting to FinCen To Go All Electronic With New System

The vast majority of suspicious activity reports filed by banks, insurance companies, and other money handlers are already delivered to the Treasury Department over the internet, but Treasury’s Financial Crimes Enforcement Network will make that mandatory as of July 1, 2012.

FinCen unveiled the plan Sept. 14. It includes rolling out what the agency calls a new and improved filing system months before the deadline. FinCen said the new technology will be easier to use and will accelerate data analysis and law enforcement responses to evidence of money laundering and money flowing to terrorists.

The system will offer new online ...