FinCEN Adjusts Penalties for Inflation
The Financial Crimes Enforcement Network adjusted its civil monetary penalties for inflation, the agency said in a notice this week. The new amounts include higher maximum penalties for various record-keeping and banking violations associated with certain financial transactions along with…
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the agency's new beneficial ownership information reporting requirements. Those BOI requirements are currently under a nationwide injunction by a federal court (see 2501030018). The new penalty amounts take effect Jan. 17.