Regulatory Alerts2016-06-30
Added
Civil Monetary Penalty Adjustment and Table
FinCEN amends 31 CFR Part 1010 to adjust the maximum amounts or ranges of certain civil monetary penalties under the Bank Secrecy Act for inflation, implementing the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The rule establishes new penalty thresholds, such as increasing the maximum for willful violations of Bank Secrecy Act requirements from $100,000 to $215,628 and the maximum for recordkeeping violations for funds transfers from $10,000 to $19,787. These adjusted amounts apply to penalties assessed after August 1, 2016, for violations occurring after November 2, 2015.
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