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Can you summarize 31 CFR 1010.821?
Enforcement; Penalties; and Forfeiture > Penalty adjustment and table.
Short Summary
This document, issued by the Financial Crimes Enforcement Network (FinCEN) under the Department of the Treasury, pertains to the enforcement, penalties, and forfeiture related to financial crimes. It provides inflation-adjusted maximum penalty amounts for civil monetary penalties within FinCEN’s jurisdiction, replacing the amounts published in the statutes. The document includes a Penalty Adjustment Table (Table 1) that lists the statutory penalty provisions, their adjusted maximum amounts or range of minimum and maximum amounts, and the effective dates of the penalty adjustments. The maximum penalty amounts specified in the table do not limit the total amount of a penalty in the case of a violation that continues for multiple days. The document also references the relevant U.S. Code citations for each penalty provision. It is important for individuals and entities subject to FinCEN’s jurisdiction to be aware of these penalty amounts to ensure compliance and avoid potential financial consequences.
Whom does it apply to?
Financial Crimes Enforcement Network (FinCEN), Department of the Treasury
What does it govern?
Enforcement; Penalties; and Forfeiture
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
The document specifies various civil monetary penalties for violations of different provisions within the jurisdiction of FinCEN. The penalty amounts range from $500 to $1,000,000 depending on the specific violation.
Jurisdiction
U.S. Federal Government