Benefits of Using BSA E-Filing
Overall Benefits:
- Enhances security over current manual processes and the mailing of filings to FinCEN through the use of Secure Sockets Layer (SSL) and user IDs/passwords
- Accelerates submission of data to FinCEN
- Enhances record-keeping and submission management
For Batch Filers:
- Eliminates existing tape cutting, internal routing, and shipping processes which reduces cost
- Eliminates manual processes associated with producing and handling diskettes for diskette filers
- Delivers filing data more rapidly
- Allows real-time submission status checking
- Ensures faster receipt of Acknowledgment files from FinCEN
For Discrete (Individual) Filers:
- Enables more efficient data entry through the use of electronic forms
- Enhances internal routing of forms for review and submission from multiple locations
- Facilitates data storage through the use of electronic forms
- Delivers electronic acknowledgments from FinCEN, including error-free CTR forms
- Ensures faster receipt of acknowledgments from FinCEN
- Enhances accuracy of forms through online guidance
