[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]


=======================================================================
-----------------------------------------------------------------------

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.

-----------------------------------------------------------------------

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\
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    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
----------------------------------------------------------------------------------------------------------------
                                                                                                  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
----------------------------------------------------------------------------------------------------------------
 
                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

* * * * *

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