The Financial Crimes Enforcement Network (FinCEN) has published in the Federal Register its updated civil monetary penalties which are due in case of failing to comply with U.S. anti money laundering (AML) and counter financing of terrorism (CFT) regulations. The update is mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990 and represents the increase in the Consumer Price Index for all Urban Consumers (CPI-U) in the previous year. FinCEN has also published the corresponding amendments to Statutory Instrument 31 CFR Part 1010, § 1010.821.
For the list of misconduct activities and their adjusted penalties, please refer to the enclosed document or follow above noted link.
Other Features
AML
disclosure
due diligence
penalties
reporting
Date Published: 2023-01-19
Date Taking Effect: 2023-01-19
Regulatory Framework: Currency and Foreign Transactions Reporting Act of 1970 (Bank Secrecy Act), Civil Penalties Inflation Adjustment Act
Regulatory Type: regulation
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