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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