Federal Register / Vol. 90, No. 11 / Friday, January 17, 2025 / Rules and Regulations 5629 

1Federal Civil Penalties Inflation Adjustment Act 

of 1990 (the ‘‘Act’’), Public Law 101–410, 104 Stat. 

890 (Oct. 5, 1990), as amended by the Debt 

Collection Improvement Act of 1996, Public Law 

104–134, 110 Stat. 1321–373 (Apr. 26, 1996); the 

Federal Reports Elimination Act of 1998, Public 

Law 105–362, 112 Stat. 3293 (Nov. 10, 1998); and 

the Federal Civil Penalties Inflation Adjustment Act 

Improvements Act of 2015, Public Law 114–74, 129 

Stat. 599 (Nov. 2, 2015), codified as a statutory note 

to 28 U.S.C. 2461. 

2Act, sec. 4(a). 

3Act, sec. 4(b)(2) (adjustments are to be made 

‘‘notwithstanding’’ the rulemaking requirements of 

5 U.S.C. 553 of the Administrative Procedure Act). 

4The increased CMPs, however, apply only with 

respect to underlying violations occurring after 

November 2, 2015, the date of enactment of the 

most recent amendment to the Act. Act, sec. 6. 

5Act, sec. 5; OMB Mem. M–25–02, 

Implementation of Penalty Inflation Adjustments 

for 2025, Pursuant to the Federal Civil Penalties 

Inflation Adjustment Act Improvements Act of 2015 

(Dec. 17, 2024), available at https://

www.whitehouse.gov/wp-content/uploads/2024/12/ 

M-25-02.pdf. 

6Act, sec. 5(a). FinCEN previously applied a 

catch-up adjustment for each penalty subject to the 

Act in 2016 based on the year and corresponding 

amount(s) for which the maximum penalty or range 

of minimum and maximum penalties was 

established or last adjusted, whichever is later. See 

FinCEN, Civil Monetary Penalty Adjustment and 

Table, 81 FR 42503, 42504 (June 30, 2016). Because 

the year of establishment or last adjustment is 

different for different penalties, penalties that were 

of the same size when each was promulgated can 

have different values today if promulgated at 

different times. 

Original amendment submission 

dates Date of publication of final rule Citation/description of approved provisions 

*******

April 25, 2011, May 8, 2018 .......... March 18, 2024 .............................. CSR 38–2–2.6; 9.3.d; 11.3.f; 11.4; 11.6; 12.2.a, 12.5.b, c and d; 

12.4.a.2.B, 12.4.b, 4.b.1 and 4.b.2; 12.4.d; 14.5.b. 

* * * * * * * 

Thomas D. Shope, 

Regional Director, North AtlanticAppalachian Region. 

[FR Doc. 2025–01131 Filed 1–16–25; 8:45 am] 

BILLING CODE 4310–05–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

31 CFR Part 1010 

Financial Crimes Enforcement 

Network; Inflation Adjustment of Civil 

Monetary Penalties 

AGENCY: Financial Crimes Enforcement 

Network (FinCEN), Treasury. 

ACTION: Final rule. 

SUMMARY: 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. 

DATES: Effective January 17, 2025. 

FOR FURTHER INFORMATION CONTACT: 

FinCEN’s Regulatory Support Section by 

submitting an inquiry at 

www.fincen.gov/contact. 

SUPPLEMENTARY INFORMATION: 

I. Background 

To improve the effectiveness of civil 

monetary penalties (CMPs) and to 

maintain their deterrent effect, the 

Federal Civil Penalties Inflation 

Adjustment Act of 1990 (the ‘‘Act’’) 1

requires Federal agencies to adjust for 

inflation each CMP provided by law 

within the jurisdiction of the agency. 

Under the Act, agencies are required to 

adjust CMPs annually and publish these 

adjustments in the Federal Register.2

Agencies are to make the adjustments 

without engaging in notice-andcomment rulemaking, and these 

adjustments may be immediately 

effective upon publication.3 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.4

FinCEN publishes CMP inflation 

adjustments in its regulations at 31 CFR 

1010.821. 

II. Method of Calculation 

The method of calculating CMP 

adjustments applied in this final rule is 

determined by the Act. Under the Act 

and Office of Management and Budget 

(OMB) guidance, annual inflation 

adjustments are to be based on the 

percent change between the Consumer 

Price Index for all Urban Consumers 

(CPI–U) for the October preceding the 

date of the adjustment and the prior 

year’s October CPI–U.5 As set forth in 

OMB Memorandum M–25–02 of 

December 17, 2024, the adjustment 

multiplier for 2025 is 1.02598. To 

complete the 2025 annual adjustment, 

each current FinCEN CMP is multiplied 

by the 2025 adjustment multiplier. 

Under the Act, any increase in CMP 

must be rounded to the nearest multiple 

of $1.6

Procedural Matters 

1. Administrative Procedure Act 

Section 4(b) of the Act requires 

agencies, beginning in 2017, to make 

annual adjustments for inflation to 

CMPs notwithstanding the rulemaking 

requirements of 5 U.S.C. 553. 

Additionally, the methodology used for 

adjusting CMPs for inflation is provided 

by statute, with no discretion provided 

to agencies regarding the substance of 

the adjustments for inflation to CMPs. 

Accordingly, prior public notice and an 

opportunity for public comment and a 

delayed effective date are not required 

for this rule. 

2. Regulatory Flexibility Act 

Because no notice of proposed 

rulemaking is required, the provisions 

of the Regulatory Flexibility Act (5 

U.S.C. 601 et seq.) do not apply. 

3. Executive Order 12866 

This rule is not a significant 

regulatory action as defined in section 

3(f) of Executive Order 12866, as 

amended. 

4. Paperwork Reduction Act 

The provisions of the Paperwork 

Reduction Act of 1995, Public Law 104– 

13, 44 U.S.C. chapter 35, and its 

implementing regulations, 5 CFR part 

1320, do not apply to this rule because 

there are no new or revised 

recordkeeping or reporting 

requirements. 

List of Subjects in 31 CFR Part 1010 

Administrative practice and 

procedure, Aliens, Authority 

delegations (Government agencies), 

Banks, banking, Brokers, Business and 

industry, Citizenship and 

naturalization, Commodity futures, 

Currency, Electronic filing, Federal 

savings associations, Federal-States 

relations, Foreign persons, Holding 

companies, Indians, Indians—law, 

Indians—tribal government, Insurance 

companies, Investigations, Investment 

advisers, Investment companies, Law 

enforcement, Penalties, Reporting and 


KHAMMOND on DSK9W7S144PROD with RULES
5630 Federal Register / Vol. 90, No. 11 / Friday, January 17, 2025 / Rules and Regulations 

recordkeeping requirements, Small 

businesses, Securities, Terrorism, Time. 

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 

■ 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, 5316–5336; title 

III, sec. 314 Pub. L. 107–56, 115 Stat. 307; 

sec. 2006, Pub. L. 114–41, 129 Stat. 457; sec. 

701 Pub. L. 114–74, 129 Stat. 599; sec. 6403, 

Pub. L. 116–283, 134 Stat. 3388. 

■ 2. Amend § 1010.821 by revising table 

1 to paragraph (b) to read as follows: 

§ 1010.821 Penalty adjustment and table. 

* * * * * 

(b) * * * 

TABLE 1 TO § 1010.821—PENALTY ADJUSTMENT TABLE

U.S. Code citation Civil monetary penalty description Penalties as last 

amended by statute 

Maximum penalty 

amounts or range of 

minimum and maximum 

penalty amounts for 

penalties assessed on or 

after January 17, 2025 

12 U.S.C. 1829b(j) ........... Relating to Recordkeeping Violations for Funds 

Transfers.

$10,000 $26,262 

12 U.S.C. 1955 ................ Willful or Grossly Negligent Recordkeeping Violations.10,000 26,262 

31 U.S.C. 5318(k)(3)(C) ... Failure to Terminate Correspondent Relationship 

with Foreign Bank.

10,000 17,765 

31 U.S.C. 5321(a)(1) ........ General Civil Penalty Provision for Willful Violations 

of Bank Secrecy Act Requirements.

25,000 

¥100,000 

71,545 

¥286,184 

31 U.S.C. 5321(a)(5)(B)(i) Foreign Financial Agency Transaction—Non-Willful 

Violation of Transaction.

10,000 16,536 

31 U.S.C. 

5321(a)(5)(C)(i)(I).

Foreign Financial Agency Transaction—Willful Violation of Transaction.100,000 165,353 

31 U.S.C. 5321(a)(6)(A) ... Negligent Violation by Financial Institution or NonFinancial Trade or Business.500 1,430 

31 U.S.C. 5321(a)(6)(B) ... Pattern of Negligent Activity by Financial Institution 

or Non-Financial Trade or Business.

50,000 111,308 

31 U.S.C. 5321(a)(7) ........ Violation of Certain Due Diligence Requirements, 

Prohibition on Correspondent Accounts for Shell 

Banks, and Special Measures.

1,000,000 1,776,364 

31 U.S.C. 5330(e) ............ Civil Penalty for Failure to Register as Money 

Transmitting Business.

5,000 10,556 

31 U.S.C. 5336(h)(3)(A)(i) Civil Penalty for Beneficial Ownership Information 

Reporting Violation.

500 606 

31 U.S.C. 5336(h)(3)(B)(i) Civil Penalty for Unauthorized Disclosure or Use of 

Beneficial Ownership Information.

500 606 

Andrea M. Gacki, 

Director, Financial Crimes Enforcement 

Network. 

[FR Doc. 2025–01374 Filed 1–16–25; 8:45 am] 

BILLING CODE 4810–02–P 


KHAMMOND on DSK9W7S144PROD with RULES