FinCEN amends BSA civil penalty regulations related to FBARs

On December 23, 2021, Financial Crimes Enforcement Network (FinCEN) amended the civil penalty regulations of the Bank Secrecy Act (BSA) that relate to the requirements for filing a Foreign Bank Account Report (FBAR) to report foreign financial accounts and transactions with foreign financial agencies.  FinCEN’s amendment removes the civil penalty language that was made obsolete when the American Jobs Creation Act of 2004 was enacted, which essentially changed the manner in which the penalty was computed and resulted in an increase to the maximum amount that could be assessed for willful violations. The amendment was effective December 23, 2021 when the final rule was published in the Federal Register.

Federal Register Rule

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