We use cookies to improve your experience and optimize user-friendliness. Read our privacy policy for more information on the cookies we use and how to delete or block them. To continue browsing our site, please click accept.
On Oct. 10, 2019, the Financial Crimes Enforcement Network (FinCEN)announced it adjusted for inflation the civil money penalties (CMPs) for violations of the Bank Secrecy Act (BSA). This serves as an important reminder that federal examiners review BSA compliance to a deeper level than even just a few years ago and noncompliance can be very costly. Negligent violations by financial institutions result in a maximum penalty of $1,146, while a pattern of negligent activity goes up to a maximum penalty of $89,170. Willful violations of the BSA result in maximum penalties ranging from $57,317 to $229,269. Violations of certain due diligence requirements can result in penalties all the way up to $1,424,088. Even violations related to funds transfer recordkeeping result in penalties of up to $21,039. All these adjusted penalties are in effect for violations occurring after Oct. 10, 2019.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
To View this Resource
A quick registration is required to view our resources. You will only be asked to do this one time (unless you don't save your browser cookies).