Financial Crimes Enforcement Network 2024 – Federal Register Recent Federal Regulation Documents

Bank Secrecy Act Advisory Group; Solicitation of Application for Membership
Document Number: 2024-28451
Type: Notice
Date: 2024-12-05
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is inviting the public to nominate financial institutions, trade groups, and non-Federal regulators or law enforcement agencies for membership in the Bank Secrecy Act Advisory Group. New members will be selected for three-year membership terms.
Agency Information Collection Activities; Proposed Collection; Comment Request; Real Estate Reports
Document Number: 2024-26262
Type: Notice
Date: 2024-11-13
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites all interested parties to comment on the proposed information collection associated with the requirement to report information about certain residential real estate transfers, as required by the Anti-Money Laundering Regulations for Residential Real Estate Transfers final rule published on August 29, 2024. The details included in the information collection are listed below. This request for comment is made pursuant to the Paperwork Reduction Act of 1995.
Update to the Public Utility Exemption Under the Beneficial Ownership Information Reporting Rule
Document Number: 2024-23920
Type: Rule
Date: 2024-10-18
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is publishing this final rule to clarify an exemption under the beneficial ownership information reporting rule that FinCEN published on September 30, 2022. This rule modifies the language exempting certain public utilities from the definition of "reporting company" in the beneficial ownership information reporting rule to more clearly implement the language of the exemption found in the Corporate Transparency Act.
Imposition of Special Measure Prohibiting the Transmittal of Funds Involving PM2BTC
Document Number: 2024-23430
Type: Rule
Date: 2024-10-11
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing notice of an order, pursuant to the Combating Russian Money Laundering Act, as amended by the National Defense Authorization Act for Fiscal Year 2022, to prohibit certain transmittals of funds by any covered financial institution involving PM2BTC, a financial institution operating outside of the United States determined to be of a primary money laundering concern in connection with Russian illicit finance.
Proposal of Special Measure Against ABLV Bank, AS as a Financial Institution of Primary Money Laundering Concern; Withdrawal
Document Number: 2024-22299
Type: Proposed Rule
Date: 2024-09-27
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document withdraws FinCEN's finding that ABLV Bank AS (ABLV) is a financial institution of primary money laundering concern and the related notice of proposed rulemaking seeking to impose the fifth special measure regarding ABLV, pursuant to section 311 of the USA PATRIOT Act (section 311). Because of material subsequent developments that have mitigated the money laundering risks associated with ABLV, FinCEN has determined ABLV is no longer a financial institution of primary money laundering concern that warrants the implementation of a special measure under section 311.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Purchases of Bank Checks and Drafts, Cashier's Checks, Money Orders, and Traveler's Checks
Document Number: 2024-21079
Type: Notice
Date: 2024-09-17
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of existing information collection requirements found in Bank Secrecy Act regulations that require financial institutions to maintain records related to the issuance or sale of bank checks and drafts, cashier's checks, money orders, and traveler's checks when the issuance or sale involves the use of currency in an amount between $3,000 and $10,000, inclusive. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Financial Crimes Enforcement Network: Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers
Document Number: 2024-19260
Type: Rule
Date: 2024-09-04
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (Treasury), is issuing a final rule to include certain investment advisers in the definition of "financial institution" under the Bank Secrecy Act (BSA), prescribe minimum standards for anti-money laundering/countering the financing of terrorism (AML/CFT) programs to be established by certain investment advisers, require certain investment advisers to report suspicious activity to FinCEN pursuant to the BSA, and make several other related changes to FinCEN regulations. These regulations will apply to certain investment advisers who may be at risk for misuse by money launderers, terrorist financers, or other actors who seek access to the U.S. financial system for illicit purposes and who threaten U.S. national security.
Anti-Money Laundering Regulations for Residential Real Estate Transfers
Document Number: 2024-19198
Type: Rule
Date: 2024-08-29
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing a final rule to require certain persons involved in real estate closings and settlements to submit reports and keep records on certain non-financed transfers of residential real property to specified legal entities and trusts on a nationwide basis. Transfers made directly to an individual are not covered by this rule. This rule describes the circumstances in which a report must be filed, who must file a report, what information must be provided, and when a report is due. These reports are expected to assist the U.S. Department of the Treasury, law enforcement, and national security agencies in addressing illicit finance vulnerabilities in the U.S. residential real estate sector, and to curtail the ability of illicit actors to anonymously launder illicit proceeds through transfers of residential real property, which threatens U.S. economic and national security.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Regulations Requiring Additional Records To Be Made and Retained by Dealers in Foreign Exchange and Additional Records To Be Made and Retained by Brokers or Dealers in Securities
Document Number: 2024-18036
Type: Notice
Date: 2024-08-13
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of existing information collection requirements found in Bank Secrecy Act regulations that require dealers in foreign exchange and broker-dealers in securities to retain originals or copies of specified account or transaction records, and that require dealers in foreign exchange to secure and maintain records of the taxpayer identification number of persons for whom a transaction account is opened or a line of credit is extended. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Regulations Requiring Records To Be Made and Retained by Financial Institutions, Banks, and Providers and Sellers of Prepaid Access
Document Number: 2024-18035
Type: Notice
Date: 2024-08-13
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of existing information collection requirements found in Bank Secrecy Act regulations that require certain financial institutions to make and retain records associated with certain types of transactions, including but not limited to funds transfers, transmittals of funds, and prepaid access transactions. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Anti-Money Laundering Program Requirements for Casinos
Document Number: 2024-18034
Type: Notice
Date: 2024-08-13
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of existing information collection requirements found in Bank Secrecy Act regulations that require casinos to develop and implement written anti-money laundering programs. This notice does not address requirements proposed under section 6101(b) of the Anti-Money Laundering Act of 2020. Paperwork and respondent burden for those requirements are addressed in a separate notice of proposed rulemaking. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Transactions of Exempt Persons Regulations, and FinCEN Form 110, Designation of Exempt Person Report
Document Number: 2024-17605
Type: Notice
Date: 2024-08-08
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of existing information collection requirements found in Bank Secrecy Act regulations that require a bank to file a FinCEN Form 110, Designation of Exempt Person, to designate eligible customers as exempt persons, such that a bank is not required to file a report with respect to any transaction in currency over $10,000 with such customers. In addition to filing this report, the regulations require the bank to take steps to ensure that a person meets the requirements for an exemption, document the basis for the bank's initial conclusion that a person is exempt, annually review the eligibility of certain exempt persons, document compliance with the requirements of FinCEN Form 110, Designation of Exempt Person, and maintain a monitoring system that is reasonably designed to detect, for each account of a non-listed business or payroll customer, transactions in currency requiring a bank to file a suspicious transaction report. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Imposition of Special Measure Regarding Al-Huda Bank as a Financial Institution of Primary Money Laundering Concern
Document Number: 2024-14415
Type: Rule
Date: 2024-07-03
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing this final rule to prohibit covered U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of Al-Huda Bank, a foreign financial institution based in Iraq found to be of primary money laundering concern pursuant to section 311 of the USA PATRIOT Act. The rule further requires covered U.S. financial institutions to take reasonable steps not to process transactions for the correspondent account of a foreign banking institution in the United States if such a transaction involves Al-Huda Bank. It also requires covered institutions to apply special due diligence to their foreign correspondent accounts that is reasonably designed to guard against their use to process transactions involving Al-Huda Bank.
Anti-Money Laundering and Countering the Financing of Terrorism Programs
Document Number: 2024-14414
Type: Proposed Rule
Date: 2024-07-03
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is proposing a rule to strengthen and modernize financial institutions' anti-money laundering and countering the financing of terrorism (AML/CFT) programs pursuant to a part of the Anti-Money Laundering Act of 2020 (AML Act). The proposed rule would require financial institutions to establish, implement, and maintain effective, risk-based, and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process. The proposed rule also would require financial institutions to review government-wide AML/CFT priorities and incorporate them, as appropriate, into risk-based programs, and would provide for certain technical changes to program requirements. This proposal also further articulates certain broader considerations for an effective and risk- based AML/CFT framework as envisioned by the AML Act. In addition to these changes, FinCEN is proposing regulatory amendments to promote clarity and consistency across FinCEN's program rules for different types of financial institutions.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of the Customer Identification Program Regulatory Requirements for Certain Financial Institutions
Document Number: 2024-13590
Type: Notice
Date: 2024-06-20
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of existing information collection requirements found in Bank Secrecy Act regulations that require banks, savings associations, credit unions, certain non-federally regulated banks and trust companies (collectively hereinafter "banks"), brokers-dealers, mutual funds, futures commission merchants, and introducing brokers in commodities, to develop and implement customer identification programs designed to allow the financial institutions to form a reasonable belief that they know the true identity of each of their customers. This request for comments is made pursuant to the Paperwork Reduction Act of 1995 (PRA).
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts
Document Number: 2024-12728
Type: Notice
Date: 2024-06-11
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of existing information collection requirements related to Bank Secrecy Act regulations that require certain banks, brokers or dealers in securities, futures commission merchants, introducing brokers in commodities, and mutual funds (each a "covered financial institution") to establish and maintain due diligence programs for foreign financial institutions and for private banking accounts. The required due diligence programs include: appropriate, specific, risk- based, and, where necessary, enhanced policies, procedures, and controls reasonably designed to enable the covered financial institution to detect and report, on an on-going basis, money laundering conducted through or involving any correspondent accounts established, maintained, administered or managed by such covered financial institution in the United States for a foreign financial institution; and policies, procedures, and controls that are reasonably designed to detect and report any known or suspected money laundering or suspicious activity conducted through or involving any private banking account that is established, maintained, administered, or managed in the United States by such covered financial institution. The due diligence programs are required to be part of covered financial institutions' anti-money laundering programs. This request for comments is made pursuant to the Paperwork Reduction Act of 1995 (PRA).
Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers
Document Number: 2024-10738
Type: Proposed Rule
Date: 2024-05-21
Agency: Securities and Exchange Commission, Agencies and Commissions, Department of the Treasury, Financial Crimes Enforcement Network
The Department of the Treasury and the SEC are jointly issuing a proposed rulemaking implementing the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 with regard to certain investment advisers. If, as proposed in a separate rulemaking, certain investment advisers are included in the definition of "financial institution" under the Bank Secrecy Act, the Secretary of the Treasury and the SEC will be required to jointly prescribe a regulation that, among other things, requires investment advisers to implement reasonable procedures to verify the identities of their customers.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Anti-Money Laundering Programs for Certain Financial Institutions
Document Number: 2024-08529
Type: Notice
Date: 2024-04-22
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the renewal, without change, of existing information collection requirements related to Bank Secrecy Act regulations that require banks lacking a Federal functional regulator, money services businesses, mutual funds, insurance companies, dealers in precious metals, precious stones, or jewels, operators of credit card systems, and loan or finance companies to develop and implement written anti-money laundering (AML) programs. This notice does not address requirements that may be imposed under the Anti-Money Laundering Act of 2020 (AML Act). Paperwork and respondent burden for those requirements will be addressed in a separate notice of proposed rulemaking (NPRM). This request for comments is made pursuant to the Paperwork Reduction Act of 1995 (PRA).
Request for Information and Comment on Customer Identification Program Rule Taxpayer Identification Number Collection Requirement
Document Number: 2024-06763
Type: Notice
Date: 2024-03-29
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, in consultation with staff at the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Board of Governors of the Federal Reserve System (Board) (collectively, the "Agencies"), seeks information and comment from interested parties regarding the Customer Identification Program (CIP) Rule requirement for banks to collect a taxpayer identification number (TIN), among other information, from a customer who is a U.S. person, prior to opening an account (the "TIN collection requirement"). Generally, for a customer who is an individual and a U.S. person ("U.S. individual"), the TIN is a Social Security number (SSN). In this request for information (RFI), FinCEN specifically seeks information to understand the potential risks and benefits, as well as safeguards that could be established, if banks were permitted to collect partial SSN information directly from the customer for U.S. individuals and subsequently use reputable third-party sources to obtain the full SSN prior to account opening. FinCEN seeks this information to evaluate and enhance its understanding of current industry practices and perspectives related to the CIP Rule's TIN collection requirement, and to assess the potential risks and benefits associated with a change to that requirement. This notice also serves as a reminder from FinCEN, and staff at the Agencies, that banks must continue to comply with the current CIP Rule requirement to collect a full SSN for U.S. individuals from the customer prior to opening an account ("SSN collection requirement"). This RFI also supports FinCEN's ongoing efforts to implement section 6216 of the Anti-Money Laundering Act of 2020, which requires FinCEN to, among other things, identify regulations and guidance that may be outdated, redundant, or otherwise do not promote a risk-based anti-money laundering/countering the financing of terrorism (AML/CFT) regime.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of the Beneficial Ownership Requirements for Legal Entity Customers
Document Number: 2024-03965
Type: Notice
Date: 2024-02-26
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a renewal, without change, of existing information collection requirements related to beneficial ownership requirements for legal entity customers. Under Bank Secrecy Act regulations, covered financial institutions are required to collect, and to maintain records of, the information used to identify and verify the identity of each beneficial owner of their legal entity customers, subject to certain exclusions and exemptions. This request for comment is made pursuant to the Paperwork Reduction Act of 1995 (PRA).
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Bank Secrecy Act Regulations Requiring Reports of Certain Domestic Transactions
Document Number: 2024-03681
Type: Notice
Date: 2024-02-23
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of an existing information collection relating to records of certain domestic transactions. Specifically, if the Secretary of the Treasury finds that reasonable grounds exist for concluding that additional recordkeeping and/or reporting requirements are necessary to carry out the purposes of the Bank Secrecy Act, or to prevent evasions thereof, the Secretary may issue an order that imposes certain additional recordkeeping and reporting requirements on one or more domestic financial institutions or nonfinancial trades or businesses in a geographic area. These orders are commonly referred to as geographic targeting orders (GTOs). This request for comments is made pursuant to the Paperwork Reduction Act of 1995 (PRA).
Anti-Money Laundering Regulations for Residential Real Estate Transfers
Document Number: 2024-02565
Type: Proposed Rule
Date: 2024-02-16
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing a proposed rule to require certain persons involved in real estate closings and settlements to submit reports and keep records on identified non-financed transfers of residential real property to specified legal entities and trusts on a nationwide basis. Transfers made directly to an individual would not be covered by this proposed rule. The proposed rule describes the circumstances in which a report must be filed, who must file a report, what information must be provided, and when a report is due. These reports are expected to assist the U.S. Department of the Treasury; Federal, State, and local law enforcement; and national security agencies in addressing illicit finance vulnerabilities in the U.S. residential real estate sector and to curtail the ability of illicit actors to anonymously launder illicit proceeds through the purchase of residential real property, which threatens U.S. economic and national security.
Financial Crimes Enforcement Network: Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers
Document Number: 2024-02854
Type: Proposed Rule
Date: 2024-02-15
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (Treasury), is issuing this notice of proposed rulemaking (NPRM) to include certain investment advisers in the definition of ``financial institution'' under the Bank Secrecy Act (BSA), prescribe minimum standards for anti-money laundering/countering the financing of terrorism (AML/CFT) programs to be established by covered investment advisers, require covered investment advisers to report suspicious activity to FinCEN pursuant to the BSA, and make several other related changes to FinCEN regulations. FinCEN is proposing this action to address gaps in the existing AML/CFT regulatory framework in this sector. The proposed regulations will apply to investment advisers that may be at risk for misuse by money launderers, terrorist financers, or other actors who seek access to the U.S. financial system for illicit purposes via investment advisers and threaten U.S. national security.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reports by Financial Institutions of Suspicious Transactions and FinCEN Form 111-Suspicious Activity Report
Document Number: 2024-02747
Type: Notice
Date: 2024-02-12
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a renewal, without change, of existing information collection requirements relating to reports of suspicious transactions. Under Bank Secrecy Act regulations, financial institutions are required to report suspicious transactions using FinCEN Form 111 (the suspicious activity report, or SAR). This request for comments is made pursuant to the Paperwork Reduction Act of 1995 (PRA).
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reports of Transactions in Currency Regulations and FinCEN Form 112-Currency Transaction Report
Document Number: 2024-02186
Type: Notice
Date: 2024-02-05
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a renewal, without change, of existing information collection requirements relating to reports of transactions in currency. Under Bank Secrecy Act regulations, financial institutions are required to report transactions in currency of more than $10,000 using FinCEN Form 112 (the currency transaction report, or CTR). This request for comments is made pursuant to the Paperwork Reduction Act of 1995 (PRA).
Proposal of Special Measure Regarding Al-Huda Bank, as a Foreign Financial Institution of Primary Money Laundering Concern
Document Number: 2024-02004
Type: Proposed Rule
Date: 2024-01-31
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing a notice of proposed rulemaking (NPRM), pursuant to section 311 of the USA PATRIOT Act, that proposes prohibiting the opening or maintaining of a correspondent account in the United States for, or on behalf of, Al-Huda Bank, a foreign financial institution based in Iraq found to be of primary money laundering concern.
Agency Information Collection Activities; Proposed Collection; Comment Request; Beneficial Ownership Information Requests
Document Number: 2024-01828
Type: Notice
Date: 2024-01-30
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites all interested parties to comment on the proposed information collection associated with requests made to FinCEN, by certain persons, for beneficial ownership information, consistent with the requirements of the Beneficial Ownership Information Access and Safeguards final rule. The details included in the information collection are listed below. This request for comment is made pursuant to the Paperwork Reduction Act of 1995.
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
Document Number: 2024-01420
Type: Rule
Date: 2024-01-25
Agency: Department of the Treasury, Financial Crimes Enforcement Network
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.
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