Regulatory Alerts2021-01-28
Added
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
The Financial Crimes Enforcement Network adjusts the maximum amounts for civil monetary penalties within its jurisdiction to reflect inflation, as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990. The rule updates Table 1 in 31 CFR 1010.821(b), increasing penalty thresholds for violations such as Bank Secrecy Act requirements and failure to register as a money transmitting business using an adjustment multiplier of 1.01182. These revised penalty amounts apply to penalties assessed on or after January 28, 2021.
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