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Financial Services Law Insights and Observations

FinCEN adjusts civil penalties for inflation

Agency Rule-Making & Guidance FinCEN Civil Money Penalties

Agency Rule-Making & Guidance

On March 19, the Financial Crimes Enforcement Network (FinCEN) published a final rule  adjusting upward the maximum amount of the civil monetary penalties within its jurisdiction, as required by the Inflation Adjustment Act. As explained in the rule, the new maximum penalty amounts for 2018 are calculated by multiplying the corresponding 2017 penalty by a “cost-of-living adjustment” multiplier—which for 2018 has been set by the OMB at 1.02041—and then rounding to the nearest dollar. The rule is effective March 19.