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ARTICLE · 30 DECEMBER 2021

FinCEN Amends Willful FBAR Regulations

Winston Taylor
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On December 23, 2021, the United States ("U.S.") Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") announced amendments to the Bank Secrecy Act ("BSA")...

United StatesFinance and Banking
James N. Mastracchio
James N. Mastracchio
Susan Elizabeth Seabrook
Susan Elizabeth Seabrook
Karl Kurzatkowski
Karl Kurzatkowski
Zachary Weit
Zachary Weit

On December 23, 2021, the United States ("U.S.") Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") announced amendments to the Bank Secrecy Act ("BSA") penalty regulations to remove certain civil penalty language (previously, 31 C.F.R. § 1010.820(g)), despite FinCEN's previous failure to modify the regulations after the enactment of the American Jobs Creation Act of 2004 ("American Jobs Creation Act"), Pub. L. No. 108-357, § 821, 118 Stat. 1418 (2004).

The changes made pursuant to FinCEN's announcement accordingly rescind section 1010.820(g) and cause paragraphs (h) and (i) in section 1010.820 to be redesignated as paragraphs (g) and (h), effective as of December 23, 2021.

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