Most FinCEN Reports to Be Filed Electronically
By no later than July 1, 2012, almost all reports that banks and credit unions make to the Financial Crimes Enforcement Network will need to be made electronically, except for the Report of International Transportation of Currency or Monetary Instruments (CMIR) and the Report of Cash Payments Over $10,000 Received in a Trade or Business (Form 8300), according to an announcement from FinCEN.
FinCEN's announcement about the deadline also noted that small credit unions without Internet access are among the financial institutions which are exempt from the electronic filing requirement until March 31 of next year.
“As a group, these credit unions file a minimum number of reports to FinCEN each year,” the network wrote in the announcement. “These institutions may submit a hardship exemption request for additional accommodation to arrange for the electronic submission of reports to FinCEN,” adding “no temporary exemption granted to a credit union in this situation will extend beyond March 31, 2013.”