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ABA: The American Bankers Association
Compliance News

FinCEN Issues Final Rule on Reporting Foreign Financial Accounts

The Financial Crimes Enforcement Network on Dec. 23 issued a final rule amending the Bank Secrecy Act civil penalty regulations relating to the requirements for reporting foreign financial accounts and for reporting transactions with foreign financial agencies. The rule will take effect upon publication in the Federal Register.

The final rule rescinds previous civil penalty regulations that were rendered obsolete by the American Jobs Creation Act of 2004, which revised the manner for computing the penalty, including providing a greater maximum penalty for willful violations than was previously authorized.