Financial Crimes Enforcement Network June 2016 – Federal Register Recent Federal Regulation Documents

Civil Monetary Penalty Adjustment and Table
Document Number: 2016-15653
Type: Rule
Date: 2016-06-30
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is amending the regulations under the Bank Secrecy Act to adjust the maximum amount or range, as set by statute, of certain civil monetary penalties within its jurisdiction to account for inflation. This action is being taken to implement the requirements of the Federal Civil Penalties Inflation Adjustment Act of 1990, as further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern
Document Number: 2016-13037
Type: Proposed Rule
Date: 2016-06-03
Agency: Department of the Treasury, Financial Crimes Enforcement Network
In a finding, notice of which was published elsewhere in this issue of the Federal Register (``Notice of Finding''), the Director of FinCEN found that the Democratic People's Republic of Korea (``North Korea'') is a jurisdiction of primary money laundering concern. FinCEN is issuing this notice of proposed rulemaking (``NPRM'') to propose to prohibit covered financial institutions from opening or maintaining a correspondent account in the United States for or on behalf of a North Korean banking institution and to prohibit the use of foreign banking institutions' correspondent accounts at covered U.S. financial institutions to process transactions involving North Korean financial institutions.
Finding That the Democratic People's Republic of Korea Is a Jurisdiction of Primary Money Laundering Concern
Document Number: 2016-13038
Type: Notice
Date: 2016-06-02
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document provides notice that, pursuant to the authority contained in the USA PATRIOT Act, the Director of FinCEN found on May 27, 2016 that reasonable grounds exist for concluding that the Democratic People's Republic of Korea (``DPRK'' or ``North Korea'') is a jurisdiction of primary money laundering concern.
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