March 17, 2021

OFAC increases civil monetary penalties to adjust for inflation

On March 16, 2021, the Department of the Treasury’s Office of Foreign Assets Control announced that it amended its regulations to adjust certain civil monetary penalties (CMPs) for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.  This is the seventh time that OFAC has adjusted CMPs since the act was issued on November 2, 2015.  The new rates will take effect on March 17, 2021.  

Please see Federal Register Table 1 (p. 14535) for a comparison of existing to new maximum CMP amounts for relevant statutes, and Federal Register Table 2 (p. 14535) for a comparison of existing to new maximum CMP amounts for OFAC recordkeeping violations.

Department of Treasury Recent Action | Federal Register – Inflation Adjustment of Civil Monetary Penalties