This document, issued by the Financial Crimes Enforcement Network (FinCEN) under the Department of the Treasury, pertains to the enforcement, penalties, and forfeiture related to financial crimes. It provides inflation-adjusted maximum penalty amounts for civil monetary penalties within FinCEN’s jurisdiction, replacing the amounts published in the statutes. The document includes a Penalty Adjustment Table (Table 1) that lists the statutory penalty provisions, their adjusted maximum amounts or range of minimum and maximum amounts, and the effective dates of the penalty adjustments.

Any currency or other monetary instruments which are in the process of any transportation with respect to which a report is required under 1010.340 are subject to seizure and forfeiture to the United States if such report has not been filed as required in 1010.360, or contains material omissions or misstatements. The Secretary may, in his sole discretion, remit or mitigate any such forfeiture in whole or in part upon such terms and conditions as he deems reasonable.

This legal document pertains to the enforcement, penalties, and forfeiture related to violations of Title I and Title II of Public Law 91508 and the corresponding regulations. It applies to any person who willfully violates these provisions. The document outlines the penalties for such violations, which include fines and imprisonment. The penalties range from a maximum fine of $1,000 or imprisonment of 1 year, to a maximum fine of $500,000 or imprisonment of 10 years, depending on the specific provision and circumstances.

This section provides definitions for the terms ‘account’ and ‘customer’ for the purpose of part 1020. An account refers to a formal banking relationship established for financial transactions, including deposit accounts, transaction or asset accounts, credit accounts, or other extensions of credit. It also includes relationships for safekeeping services, cash management, custodian, and trust services. However, certain products or services without a formal banking relationship, accounts acquired through specific means, and accounts opened for employee benefit plans are excluded from this definition.

This legal document outlines the anti-money laundering program requirements for banks regulated by a Federal functional regulator. It applies to banks, savings associations, and credit unions. To satisfy the requirements of 31 U.S.C. 5318(h)(1), a bank must implement and maintain an anti-money laundering program that complies with the specified regulations. The program should include a system of internal controls, independent testing for compliance, designation of individuals responsible for coordinating and monitoring compliance, training for personnel, and risk-based procedures for conducting ongoing customer due diligence.

This document outlines the minimum requirements for banks to implement a Customer Identification Program (CIP) as part of their anti-money laundering compliance program. The CIP must include risk-based procedures for verifying the identity of each customer, based on the bank’s assessment of relevant risks. The bank must obtain certain identifying information from the customer, such as name, date of birth, address, and identification number. The CIP must also include procedures for verifying the customer’s identity using documents or non-documentary methods.

This section of the Code of Federal Regulations governs the transactions of exempt persons. It applies to banks. According to this section, banks are not required to file a report for any transaction in currency between an exempt person and the bank. The exemption also applies to transactions between an exempt person and other banks affiliated with the bank. No penalties are mentioned in this section.

This document, part of the Code of Federal Regulations, outlines the rules for banks regarding the reporting of suspicious transactions. Every bank is required to file a report with the Treasury Department for any suspicious transaction that may indicate a possible violation of law or regulation. The transaction must involve or aggregate at least $5,000 in funds or other assets, and the bank must know, suspect, or have reason to suspect that the transaction involves funds derived from illegal activities, is designed to evade requirements of the Bank Secrecy Act, or has no apparent lawful purpose.

This legal document, governed by the Code of Federal Regulations, requires each agent, agency, branch, or office located within the United States of a bank to maintain certain records. These requirements apply to funds transfers in the amount of $3,000 or more. The document specifies the information that banks must obtain and retain for each payment order, depending on whether they are acting as an originator’s bank, intermediary bank, or beneficiary’s bank.

This legal document, found in the Code of Federal Regulations, requires every money services business (as defined by 1010.100(ff) of this chapter) to develop, implement, and maintain an effective anti-money laundering program. The program should be designed to prevent the money services business from being used for money laundering and financing of terrorist activities. The program should be commensurate with the risks posed by the location, size, nature, and volume of financial services provided by the money services business.