Regulatory Alerts2019-10-10
Added
Financial Crimes Enforcement Network; 2019 Inflation Adjustment of Civil Monetary Penalties
The Financial Crimes Enforcement Network amends Table 1 of 31 CFR 1010.821 to update maximum civil monetary penalty amounts for Bank Secrecy Act violations based on a 2019 inflation adjustment multiplier of 1.02522. These revised penalties apply to violations assessed on or after October 10, 2019. The adjustments increase specific penalty caps, such as raising the maximum for willful violations of general requirements from $100,000 to $229,269 and the maximum for shell bank correspondent account violations from $1,000,000 to $1,423,088.
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