Regulatory Alerts2024-06-07 | PDF OnlyAdded
FinCEN Year in Review for FY 2023
The document reports that FinCEN received approximately 4.6 million Suspicious Activity Reports and 20.8 million Currency Transaction Reports from 294,000 registered financial institutions and other e-filers in FY23. It details that 472 federal, state, local, and national security agencies have access to Bank Secrecy Act data, with authorized users conducting over 2.3 million searches via FinCEN Query. The review notes the issuance of four civil money penalties totaling $60,780,829 and the facilitation of $100 million in frozen funds through the Rapid Response Program. Additionally, FinCEN co-hosted 14 FinCEN Exchanges and published Financial Trend Analysis Reports pursuant to the Anti-Money Laundering Act of 2020.
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