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SunCorp Launches New International Wire Transfer System

Beginning in September, SunCorp will begin the roll out of a new, online system for submitting international wire transfer requests. The new system will replace the temporary fill-in forms that have been used for the past couple months. By automating the process, the new system will create processing efficiencies and mitigate potential errors due to manual processing.

The new International SunWires system will be available from the Application Portal using the existing login credentials of Portal users authorized to submit international wire transfers. The security features of the Application Portal and the use of dual approvals will ensure the safety and integrity of the funds transfer service.

The online system will support both US Dollar and foreign currency wire transfers. The research features in the Reports section will provide detailed transaction histories on all transfer requests. The User Guide provides simple directions for using all the system’s functions.

For more information on the new system, contact our Member Services Department or your Business Development Officer at 1.877.786.2677.

Prepare for New Online CTR and SAR

You may have just finished adapting to the new electronic filing requirements from FinCEN for the “legacy” versions of the CTR and SAR forms. But now is the time to prepare for the new online CTR and SAR. The new versions have been used since March 2012, but they will be required for all filings beginning in March 2013. Because the new versions have some significant differences from the legacy forms, you will need some time to prepare for the changes.

Although the new CTR and SAR collect most of the same information as the old forms, the new versions are not just online forms but an expanded electronic data collection method. Some of the new data fields include websites, email addresses, and a greatly increased section on the reasons and categories for the types of suspicious activities. To review the filing requirements, check out the Attachment C from these revised documents from FinCEN:

CTR: http://bsaefiling.fincen.treas.gov/news/FinCENCTRElectronicFilingRequirements.pdf

SAR: http://bsaefiling.fincen.treas.gov/news/FinCENSARElectronicFilingRequirements.pdf

Be aware that FinCEN does not intend the issuance of the new SAR and CTR to create new obligations for filing institutions, or to change existing requirements or expectations. Moreover, the addition of the new and expanded data fields does not create an expectation that credit unions will need to revise internal programs or develop new programs to capture additional information.

For more details on the new CTR and SAR, download FinCEN’s recent guidance document.

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