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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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works