FinCEN Extends Deadline for Adopting New CTR and SAR
FINANCIAL CRIMES ENFORCEMENT NETWORK - DECEMBER 20, 2011
The Financial Crimes Enforcement Network (FinCEN) is announcing today that the deadline for financial institutions to utilize FinCEN’s new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) for reporting purposes will be extended to March 31, 2013.
FinCEN is extending the deadline partly in response to industry concern about having sufficient time to transition to the new reports, including any necessary changes to their internal processes and/or IT systems. FinCEN had proposed that the new reports be implemented by June 30, 2012, the same date proposed for ending the paper filing option for FinCEN forms.1 FinCEN expects this extended timeframe for incorporating the new CTR and SAR to ease the industry’s transition to these new reports.