Regulatory Alerts2021-12-22
Added
Bank Secrecy Act Regulations: Reports of Foreign Financial Accounts Civil Penalties
FinCEN rescinds 31 CFR 1010.820(g) because the civil penalty language it contained was rendered obsolete by the American Jobs Creation Act of 2004, which revised the calculation and maximum amounts for willful violations of section 5314. The agency redesignates the remaining paragraphs (h) and (i) of section 1010.820 as paragraphs (g) and (h) to conform the regulations to the current statute. This final rule is effective December 23, 2021.
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