Regulatory Alerts2023-01-18
Added
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
The Financial Crimes Enforcement Network adjusts maximum civil monetary penalties within 31 CFR Part 1010 to reflect inflation, effective January 19, 2023. The rule updates penalty amounts for violations such as Bank Secrecy Act requirements, recordkeeping failures, and money transmitting business registration, using a 2023 adjustment multiplier of 1.07745. Specific penalties, such as the general civil penalty for willful violations, increase from a range of $25,000-$100,000 to $67,544-$270,180.
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