Regulatory Alerts2024-01-25
Added
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
FinCEN adjusts maximum civil monetary penalties within its jurisdiction to reflect inflation, as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990. The rule updates penalty amounts for violations of the Bank Secrecy Act and first lists penalties associated with the Corporate Transparency Act, specifically for beneficial ownership information reporting and unauthorized disclosure. The adjusted penalties apply to violations assessed on or after January 25, 2024, with amounts calculated using a 2024 adjustment multiplier of 1.03241.
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