31 CFR 1010.821 - Penalty adjustment and table.

§ 1010.821 Penalty adjustment and table.

(a)Inflation adjustments. In accordance with the Federal Civil Penalties Inflation Adjustment Act of 1990, 28 U.S.C. 2461 note, (“FCPIA Act”), as further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, FinCEN has set forth in paragraph (b) of this section adjusted maximum penalty amounts for each civil monetary penalty provided by law within its jurisdiction that is subject to the FCPIA Act. The adjusted civil monetary penalty amounts replace the amounts published in the statutes authorizing the assessment of penalties.

(b)Maximum civil monetary penalties. The statutory penalty provisions and their adjusted maximum amounts or range of minimum and maximum amounts are set out in Table 1. The last column in the table provides the newly effective maximum penalty amounts or range of minimum and maximum amounts. These maximum penalty amounts do not, however, limit the total amount of a penalty in the case of a penalty that may be imposed for each day a violation continues.

Table 1 of § 1010.821 - Penalty Adjustment Table

U.S. Code citation Civil monetary penalty description Penalties
as last
amended by
statute
New maximum
penalty amounts
or range of
minimum and
maximum penalty
amounts for
penalties assessed
after 8/1/2016
but before
1/16/2017
New maximum
penalty amounts
or range of
minimum and
maximum penalty
amounts for
penalties assessed after 1/15/2017
12 U.S.C. 1829b(j) Relating to Recordkeeping Violations For Funds Transfers $10,000 $19,787 $20,111
12 U.S.C. 1955 Willful or Grossly Negligent Recordkeeping Violations 10,000 19,787 20,111
31 U.S.C. 5318(k)(3)(C) Failure to Terminate Correspondent Relationship with Foreign Bank 10,000 13,384 13,603
31 U.S.C. 5321(a)(1) General Civil Penalty Provision for Willful Violations of Bank Secrecy Act Requirements 25,000
−$100,000
53,907
−$215,628
54,789
−$219,156
31 U.S.C. 5321(a)(5)(B)(i) Foreign Financial Agency Transaction - Non-Willful Violation of Transaction 10,000 12,459 12,663
31 U.S.C. 5321(a)(5)(C) Foreign Financial Agency Transaction - Willful Violation of Transaction 100,000 124,588 126,626
31 U.S.C. 5321(a)(6)(A) Negligent Violation by Financial Institution or Non-Financial Trade or Business 500 1,078 1,096
31 U.S.C. 5321(a)(6)(B) Pattern of Negligent Activity by Financial Institution or Non-Financial Trade or Business 50,000 83,864 85,236
31 U.S.C. 5321(a)(7) Violation of Certain Due Diligence Requirements, Prohibition on Correspondent Accounts for Shell Banks, and Special Measures 1,000,000 1,338,420 1,360,317
31 U.S.C. 5330(e) Civil Penalty for Failure to Register as Money Transmitting Business 5,000 7,954 8,084
[ 81 FR 42505, June 30, 2016, as amended at 82 FR 10439, Feb. 10, 2017]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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United States Code
U.S. Code: Title 12 - BANKS AND BANKING
U.S. Code: Title 31 - MONEY AND FINANCE
Statutes at Large
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