ate last month, FinCEN announced the latest developments in its new reporting requirements, the most pressing being that as of July 1, 2012, institutions will be required to file all SARCs and CTRCs electronically. The apparent first-in-the-nation test NEWave completed confirmed the process is working and that NEWave’s software is compatible with the new system.
“Evidence based on serial numbers from automated responses from the test website leads us to believe that NEWave was the first company to eFile the new forms, and this first test is an important step forward in proving the viability of the new FinCEN reporting structure and of our new software. We are very pleased that both proved successful,” said NEWave COO Tom Bechtel.
“On the day of the announcement, NEWave submitted the new forms and received an appropriate response from the FinCEN website. Our successful test is further proof to our clients and to the gaming industry that NEWave is very much ahead of the game, and we are fully prepared to be the industry’s partner in change as we navigate these important regulatory changes,” Bechtel added.
NEWave is also alerting its clients that FinCEN is allowing institutions to apply for a temporary exemption for electronic filing of CTRCs. If granted, such an exemption will be valid through no later than December 31, 2012. Submission forms are available on the FinCEN website. FinCEN also recently released their new CTR form and SAR form. The deadline for mandatory use of the new CTR and SAR forms is currently reported as March 31, 2013.
“It is extremely important that every casino in the US understand the major changes to FinCEN, because failing to comply could result in very costly fines. To help, we keep a continuously updated white paper with easy-to-understand information on how casinos will be affected. We strongly encourage operators to download and read the white paper today on our website,” Bechtel said.