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Financial Services Law Insights and Observations

FinCEN encourages financial institutions affected by Hurricane Florence to communicate Bank Secrecy Act filing delays; extends FBAR filing deadline

Financial Crimes FinCEN Disaster Relief Bank Secrecy Act

Financial Crimes

On September 26, the Financial Crimes Enforcement Network (FinCEN) issued a notice to financial institutions that file Bank Secrecy Act reports to encourage communication with FinCEN and their functional regulator regarding any expected filing delays caused by Hurricane Florence. FinCEN also reminded financial institutions to review advisory FIN-2017-A007, previously covered by InfoBytes, which discusses potential fraudulent activity related to recent disaster relief efforts.

The same day, FinCEN issued a second notice for certain filers affected by Hurricane Florence to extend the deadline for submitting their 2017 calendar year Report of Foreign Bank and Financial Accounts (FBAR). FBAR reports for affected filers are now due January 31, 2019.

Find more InfoBytes disaster relief coverage here.

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