Page 3 Volume 9, Issue 1


DAY Continued from Page 2


Emmons


Fed, where he has been since 1995. He serves as an Adjunct Professor of Finance in the John M. Olin Business School at Washington University in St. Louis. Previously,


Emmons was on the fac- ulty of the Amos Tuck School of Business at Dart- mouth College in Hanover, New Hampshire.


Governor Mike Beebe has been invited to speak at Day With The Commis- sioner. The governor’s remarks would follow Emmons’ presentation. Commissioner Franks


and John Freeman, Arkan- sas Bankers Association chairman for 2012-13, will deliver closing comments. The convention begins this year on the golf course at Maumelle Country Club. The Arkansas Bankers As- sociation Golf Tournament is scheduled for 10 a.m. to 3 p.m. on Wednesday, May 9.


Also Wednesday, confer- ence registration is sched- uled for 3 p.m. to 4:30 p.m. in the lobby of the Pea- body and from 5 p.m. to 6:30 p.m. in the Statehouse Convention Center Ro- tunda. The opening recep- tion will be from 5 p.m. to 7:30 p.m. The Arkansas Bankers Association business ses- sion is scheduled for 8 a.m. to 12:30 p.m. on Thursday,


May 10. The session will include presentations by three guest speakers: ▪ “ABA’s Plan to Ad- dress the Politics of the Post-Financial Crisis Regu- latory Environment,” by Michael Hunter, Chief Op- erating Officer, American Bankers Association. ▪ “Managing Compliance in Today’s Market,” by Leah Hamilton, a compli- ance consultant and Direc- tor of TriComply, part of TriNovus, LLC. ▪ “No One Can Stop You but You,” by Walter Bond, a consultant, work- shop facilitator, author and professional speaker on the topic of personal account- ability.


Also Thursday, the an- nual Spouse/Guest Event is scheduled for 9:30 a.m. to 1 p.m. This year’s event includes a tour and lunch at the Governor’s Mansion. This event is not included in the full guest registra- tion. Participants must register for it as a separate event.


The Chairman’s Recep- tion is scheduled from 5:30 p.m. to 6:30 p.m., followed by the convention banquet and officer installation. The Exhibit Trade Show will run from 5 p.m. to 7:30 p.m. on Wednesday and from 7 a.m. to 2 p.m. on Thursday. A brochure with addi-


tional information about the convention, including a complete agenda and a reg- istration form, is available on the Arkansas Bankers Association Web site at: http://www.arkbankers.org/


FinCEN mandates E-Filing by July 1


The Financial Crimes


Enforcement Network (FinCEN) has reaffirmed its requirement, with some extensions and exemptions allowed, that reports be filed electronically effective July 1, 2012.


Electronic submission of reports to FinCEN is in- tended to improve effi- ciency, reduce government and industry costs, and en- hance the abil- ity of investiga- tors, analysts and examiners to access important financial infor- mation, according to a news release issued by Fin- CEN on February 24. Although almost all Fin- CEN reports fall within the “E-Filing” mandate, Suspi- cious Activity Reports and Currency Transaction Re- ports (CTRs) are the pri- mary focus of this initia- tive.


Freis


FinCEN issued a notice on its Web site detailing three categories for possi- ble temporary exemption:


▪ Financial institutions that file a large number of CTRs and may need time to adapt their aggregation systems.


▪ Money Service Busi- nesses or small credit un- ions that may lack Internet access and file a limited number of FinCEN re- ports.


March 31, 2012


▪ Financial institutions with documented evidence of “other extraordinary circumstances.” Exemption requests to


FinCEN had to be e- mailed or postmarked by March 26. FinCEN will attempt to notify each insti- tution requesting an ex- emption of its decision no later than April 25. “E-Filing makes sense from every perspective. Both the government and the filer will save time and money,” said FinCEN Di- rector James H. Freis Jr. “We listened closely to the industry’s concerns, bal- anced those concerns with the needs of law enforce- ment, and we are allowing some prudent exemptions. As part of FinCEN’s over- all modernization of its IT systems, the time has come to move our reporting framework from paper to the electronic age.” To assist filers with the new requirements, a re- corded instructional pres- entation can be viewed at:


http://treas.yorkcast.com/webcast/ Viewer/? peid=a93e7d2b1a07427a93b0cf2e764 a57421d


FinCEN has provided for electronic filing through its system called Bank Se- crecy Act (BSA) E-Filing since October 2002. Addi- tional information is avail- able from FinCEN at:


http://www.fincen.gov/forms/e- filing/


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