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NEWave First in Nation to eFile New FinCEN Forms(March 14, 2012)
LAS VEGAS, NV -- (Marketwire) -- 03/14/12 -- Leading software supplier to the gaming industry NEWave appears to be the first company in the nation to eFile the new required FinCEN forms on the test FinCEN website. This apparent first-in-the-nation test is the latest signal that NEWave is the casino gaming industry's leading voice in assisting the industry through the massive changes to FinCEN reporting requirements.
Late last month, FinCEN announced the latest developments in its new reporting requirements, the most pressing being that as of July 1, 2012, institutions will be required to file all SARCs and CTRCs electronically. The apparent first-in-the-nation test NEWave completed confirmed the process is working and that NEWave's software is compatible with the new system.
"Evidence based on serial numbers from automated responses from the test website leads us to believe that NEWave was the first company to eFile the new forms, and this first test is an important step forward in proving the viability of the new FinCEN reporting structure and of our new software. We are very pleased that both proved successful," said NEWave COO Tom Bechtel.
"On the day of the announcement, NEWave submitted the new forms and received an appropriate response from the FinCEN website. Our successful test is further proof to our clients and to the gaming industry that NEWave is very much ahead of the game, and we are fully prepared to be the industry's partner in change as we navigate these important regulatory changes," Bechtel added.
NEWave is also alerting its clients that FinCEN is allowing institutions to apply for a temporary exemption for electronic filing of CTRCs. If granted, such an exemption will be valid through no later than December 31, 2012. Submission forms are available on the FinCEN website. FinCEN also recently released their new CTR form and SAR form. The deadline for mandatory use of the new CTR and SAR forms is currently reported as March 31, 2013.
"It is extremely important that every casino in the U.S. understand the major changes to FinCEN, because failing to comply could result in very costly fines. To help, we keep a continuously updated white paper with easy-to-understand information on how casinos will be affected. We strongly encourage operators to download and read the white paper today on our website," Bechtel said.
About NEWave: NEWave and its more than 230 clients are creating award-winning, innovative solutions together. Founded in 1993, NEWave has more than 200 years of combined professional experience in the gaming and hospitality industry; identifying, developing and deploying tools and strategies required to successfully manage information technology projects and organizations. In addition, NEWave leads the industry in the development and implementation of gaming and hospitality software applications and services that provide complete solutions for auditing functions, regulatory compliance and casino cage operations. For more information, please visit www.mynewave.com.
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