FinCEN has issued a notice on its website detailing three categories for possible temporary exemption: some money services businesses or small credit unions that may lack Internet access and file a limited number of FinCEN reports; some financial institutions that file a large number of Currency Transaction Reports and may need time to adapt their aggregation systems; and an ‘other extraordinary circumstances’ category. Financial institutions must affirmatively request an exemption by March 24.
‘E-filing makes sense from every perspective. Both the government and the filer will save time and money,’ says FinCEN Director James H. Freis Jr. ‘We listened closely to the industry's concerns, balanced those concerns with the needs of law enforcement, and we are allowing some prudent exemptions. As part of FinCEN's overall modernization of its IT systems, the time has come to move our reporting framework from paper to the electronic age.’