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Financial Services Law Insights and Observations

FinCEN encourages financial institutions affected by Hurricane Michael to communicate BSA filing delays; extends FBAR filing deadline

Financial Crimes FinCEN Disaster Relief Bank Secrecy Act

Financial Crimes

On October 15, 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 regulators regarding any expected filing delays caused by Hurricane Michael. 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 schemes.

The same day, FinCEN issued a second notice for certain filers affected by Hurricane Michael to extend the deadline for submitting their 2017 calendar year Reports of Foreign Bank and Financial Accounts (FBARs). FBARs for affected filers are now due February 28, 2019.

Find more InfoBytes disaster relief coverage here.

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