Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute, civicresearchinstitute.com
 
USA PATRIOT ACT MONITOR NEWS RELEASES

USA PATRIOT Act Monitor News Release: Magnetic Media Filing
1/27/2003 3:44:50 PM Eastern Standard Time

Requirements and specifications for money services businesses to file Suspicious Activity Reports with the Detroit Computing Center (DCC) on magnetic media have been issued by Treasury. The specifications were developed by FinCEN and the IRS Director of the DCC. The release explains the procedures by which MSBs can obtain approval to file on magnetic media, and has been posted on the FinCEN website at www.fincen.gov/magmed_msbsar.pdf. Prospective magnetic-media filers must complete an Application for Magnetic Media Reporting (Form DCC-4419A, available at www.fincen.gov/f4419af.pdf). Filers accepted into the program can lose their authorization to use it if their error rate for the system is high. FinCEN has also posted specifications for magnetic media filing of Currency Transaction Reports by casinos, at www.fincen.gov/magmed_ctrc.pdf . These releases will be discussed more fully in the February 2003 Monitor.


 

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