Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties; Correction
| Published date | 01 October 2019 |
| Citation | 84 FR 51973 |
| Record Number | 2019-21156 |
| Section | Rules and Regulations |
| Court | Financial Crimes Enforcement Network |
Federal Register, Volume 84 Issue 190 (Tuesday, October 1, 2019)
[Federal Register Volume 84, Number 190 (Tuesday, October 1, 2019)]
[Rules and Regulations]
[Pages 51973-51974]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-21156]
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Parts 1010
Financial Crimes Enforcement Network; Inflation Adjustment of
Civil Monetary Penalties; Correction
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Correcting amendments.
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SUMMARY: On March 19, 2018, FinCEN published a final rule to make the
2018 annual adjustment to its civil monetary penalties (``CMPs'') for
inflation as mandated by the Federal Civil Penalties Inflation
Adjustment Act of 1990, as amended by the Federal Civil Penalties
Inflation Adjustment Act Improvements Act of 2015 (collectively
referred to herein as ``the Act''). The final rule adjusted CMPs within
the jurisdiction of FinCEN to the maximum amount required by the Act
for 2018. However, that final rule inadvertently used the 2017 annual
adjustment penalty assessment dates in the penalty adjustment table, as
opposed to using the 2018 annual adjustment penalty assessment dates.
This document corrects the penalty assessment dates in the penalty
adjustment table for the 2018 annual adjustment.
DATES: Effective October 1, 2019, and applicable beginning March 19,
2018.
FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at (800)
767-2825 or email [email protected].
SUPPLEMENTARY INFORMATION:
Background
In order to improve the effectiveness of CMPs and to maintain their
deterrent effect, the Act requires Federal agencies to adjust each CMP
provided by law within the jurisdiction of the agency. The Act requires
agencies to adjust the level of CMPs with an initial ``catch-up''
adjustment through an interim final rulemaking and to make subsequent
annual adjustments for inflation, without needing to provide notice and
the opportunity for public comment required by 5 U.S.C. 553. The Act
provides that any increase in a CMP shall apply to CMPs that are
assessed after the date the increase takes effect, regardless of
whether the underlying violation predated such increase.\1\
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\1\ However, the increased CMPs apply only with respect to
underlying violations occurring after the date of enactment of the
Act, i.e., after November 2, 2015.
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The 2018 annual adjustment for FinCEN's regulations was published
March 19, 2018 (83 FR 11876). That document inadvertently used the 2017
annual adjustment dates in the headings of columns 4 and 5 of the
penalty table.
List of Subjects in 31 CFR Part 1010
Authority delegations (Government agencies), Banks and banking,
Currency, Investigations, Law enforcement, Reporting and recordkeeping
requirements.
[[Page 51974]]
Authority and Issuance
For the reasons set forth in the preamble, Part 1010 of Chapter X
of title 31 of the Code of Federal Regulations is amended as follows:
PART 1010--GENERAL PROVISIONS
0
1. The authority citation for part 1010 continues to read as follows:
Authority: 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314
and 5316-5332; title III, sec. 314, Pub. L. 107-56, 115 Stat. 307;
sec. 701. Pub. L. 114-74, 129 Stat. 599.
0
2. In Sec. 1010.821, amend paragraph (b) by revising the column
headings to table 1 to Sec. 1010.821 to read as follows:
Sec. 1010.821 Penalty adjustment and table.
* * * * *
(b) * * *
Table 1 of Sec. 1010.821--Penalty Adjustment Table
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New maximum
penalty amounts or
range of minimum
Civil monetary and maximum
U.S. Code citation penalty Penalties as last penalty amounts
description amended by statute for penalties
assessed after 1/
15/2017 but before
3/19/2018
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Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2019-21156 Filed 9-30-19; 8:45 am]
BILLING CODE 4810-02-P
