FinCEN announced this week it has extended the deadline to March 13, 2013 for all financial institutions to implement its new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR). If financial institutions are unable to meet the proposed electronic filing deadline, FinCEN will consider, based upon certain limited hardship exceptions, specific requests to file the most current paper forms for up to one year past the mandatory electronic filing deadline. FinCEN will provide further information on how financial institutions can make such requests.
The full press release from FinCEN can be found at http://www.fincen.gov/whatsnew/html/20111220.html.
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