Last week, the Financial Crimes Enforcement Network (FinCEN) released a final rule modifying specific maximum civil penalties within its jurisdiction. These increases are routine changes to improve the effectiveness of civil penalties by adjusting for inflation. Notably, the civil penalty associated with the Corporate Transparency Act has increased. The $ 500-a-day civil penalty for committing a reporting violation under the CTA is now $591 a day.
This adjustment solely pertains to civil penalties, and the criminal penalties outlined in the CTA, which include fines up to $10,000 and imprisonment for up to two years, remain unaffected by this final rule and continue to be enforced.
FinCEN is publishing this final rule to reflect inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. This rule adjusts certain maximum civil monetary penalties within the jurisdiction of FinCEN to the amounts required by that Act.
