Co-authored by Blake J. Brockway.

On June 5, the National Futures Association issued a notice reminding members that, beginning July 1, all Bank Secrecy Act (BSA) reports must be filed electronically. On February 29, the Financial Crimes Enforcement Network (FinCen) published a final notice that requires all financial institutions subject to the BSA, including futures commission merchants (FCMs) and introducing brokers (IBs), to file BSA reports electronically. As a result, beginning July 1, FCMs must file Suspicious Activity Reports (SARs) and Currency Transaction Reports electronically and IBs must file SARs electronically through FinCEN’s BSA E-Filing System. FCMs and IBs that have not enrolled in the BSA E-Filing System should begin the enrollment process, which can take 5 to 7 days, as soon as possible.

The NFA’s notice to members is available here.
Enrollment information for FCMs and IBs is available here.