Financial Crimes Enforcement Network – Federal Register Recent Federal Regulation Documents

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Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties; Correction
Document Number: 2019-21156
Type: Rule
Date: 2019-10-01
Agency: Department of the Treasury, Financial Crimes Enforcement Network
On March 19, 2018, FinCEN published a final rule to make the 2018 annual adjustment to its civil monetary penalties (``CMPs'') for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (collectively referred to herein as ``the Act''). The final rule adjusted CMPs within the jurisdiction of FinCEN to the maximum amount required by the Act for 2018. However, that final rule inadvertently used the 2017 annual adjustment penalty assessment dates in the penalty adjustment table, as opposed to using the 2018 annual adjustment penalty assessment dates. This document corrects the penalty assessment dates in the penalty adjustment table for the 2018 annual adjustment.
Renewal Without Change of Information Collection Requirements in Connection With the Imposition of a Special Measure Concerning North Korea as a Jurisdiction of Primary Money Laundering Concern
Document Number: 2019-19486
Type: Notice
Date: 2019-09-10
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of a continuing effort to reduce paperwork and respondent burden, the Financial Crimes Enforcement Network (``FinCEN'') invites comment on a renewal, without change, to information collection requirements finalized on November 9, 2016, imposing a special measure with respect to North Korea as a jurisdiction of primary money laundering concern. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995.
FinCEN's Innovation Initiative: Implementation of FinCEN Innovation Hours; Invitation To Request Innovation Hours Meeting
Document Number: 2019-11314
Type: Notice
Date: 2019-05-30
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the Department of the Treasury, is notifying the public of its Innovation Hours Program. Through the Program, FinCEN will provide dedicated time on a monthly basis to meet with financial institutions, regulatory and financial technology firms, and other stakeholders to enable them to share information with FinCEN about innovative approaches to evaluating, maintaining and reporting information under the Bank Secrecy Act in order to further strengthen the financial system against illicit financial activity. The FinCEN Innovation Hours Program is a cornerstone of a broader FinCEN Innovation Initiative highlighted within the Joint FinCEN-Federal Banking Agency Statement on Innovation (December 3, 2018).\1\ The FinCEN Innovation Initiative seeks to promote innovation by supporting, where appropriate and feasible, innovation pilot programs, and enhanced feedback and information sharing programs. In addition, FinCEN will consider for future implementation the feasibility of incorporating demonstration and application testing capabilities to facilitate the development of innovative solutions to Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) challenges.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of the Requirement for Information Sharing Between Government Agencies and Financial Institutions
Document Number: 2019-09244
Type: Notice
Date: 2019-05-07
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on the renewal without change of an information collection requirement concerning the ``Information Sharing Between Government Agencies And Financial Institutions,'' generally referred to as the 314(a) Program. This request for comment is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Reports of Foreign Financial Accounts Regulations and FinCEN Form 114, Report of Foreign Bank and Financial Accounts
Document Number: 2018-27513
Type: Notice
Date: 2018-12-20
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on a renewal, without change, of existing information collection requirements concerning reports of foreign financial accounts and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (``FBAR''). This request for comments is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Agency Information Collection Activities; Proposed Renewal: Comment Request; Renewal Without Change of Customer Identification Programs for Brokers or Dealers in Securities and Mutual Funds
Document Number: 2018-19656
Type: Notice
Date: 2018-09-11
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on a proposed renewal, without change, to information collections found in regulations requiring brokers or dealers in securities and mutual funds to develop and implement customer identification programs designed to allow the covered financial institution to form a reasonable belief that it knows the true identity of each customer. This request for comment is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Anti-Money Laundering Programs for Precious Metals, Precious Stones, or Jewels
Document Number: 2018-19655
Type: Notice
Date: 2018-09-11
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on a renewal, without change, to information collections found in existing regulations requiring dealers in precious metals, stones, or jewels, to develop and implement written anti-money laundering programs reasonably designed to prevent those financial institutions from being used to facilitate money laundering and the financing of terrorist activities. This request for comments is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of the Report of International Transportation of Currency or Monetary Instruments
Document Number: 2018-19654
Type: Notice
Date: 2018-09-11
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on the renewal of an information collection requirement concerning the Report of International Transportation of Currency or Monetary Instruments (``CMIR''). This request for comment is being made pursuant to the Paperwork Reduction Act of 1995.
Agency Information Collection Activities; Proposed Renewal: Comment Request; Renewal Without Change of Customer Identification Programs for Banks, Savings Associations, Credit Unions, Certain Non-Federally Regulated Banks, Futures Commission Merchants, and Introducing Brokers in Commodities
Document Number: 2018-19653
Type: Notice
Date: 2018-09-11
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on a proposed renewal, without change, to information collections found in regulations requiring banks, savings associations, credit unions, certain non-federally regulated banks, futures commission merchants, and introducing brokers in commodities to develop and implement customer identification programs designed to allow the covered financial institution to form a reasonable belief that it knows the true identity of each customer. This request for comment is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Recordkeeping and Termination of Correspondent Accounts for Foreign Banks
Document Number: 2018-18079
Type: Notice
Date: 2018-08-22
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on the renewal of information collections in existing regulations requiring records concerning owners of foreign banks and agents of foreign banks for service of legal process.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Anti-Money Laundering Programs for Money Services Businesses, Mutual Funds, and Operators of Credit Card Systems
Document Number: 2018-18078
Type: Notice
Date: 2018-08-22
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on the renewal of information collections in existing regulations requiring money services businesses (``MSBs''), mutual funds, and operators of credit card systems to develop and implement written anti-money laundering programs reasonably designed to prevent those financial institutions from being used to facilitate money laundering and the financing of terrorist activities. This request for comments is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Suspicious Activity Reporting Requirements by Brokers or Dealers in Securities and Futures Commission Merchants and Introducing Brokers in Commodities
Document Number: 2018-18077
Type: Notice
Date: 2018-08-22
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on the renewal of an information collection requirement for the recordkeeping and reporting of suspicious activities by brokers or dealers in securities and futures commission merchants and introducing brokers in commodities.
Proposed Information Collection; Comment Request; Renewal Without Change of Bank Secrecy Act Suspicious Activity Reporting Non-Bank Requirement for Residential Mortgage Lenders and Originators
Document Number: 2018-15402
Type: Notice
Date: 2018-07-19
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed renewal without change of the Bank Secrecy Act (``BSA'') Suspicious Activity Reporting regulatory requirements for residential mortgage lenders and originators. FinCEN intends to submit this requirement for approval by the Office of Management and Budget (``OMB'') of a three-year renewal of Control Number 1506-0061. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Anti-Money Laundering Programs for Insurance Companies and Non-Bank Residential Mortgage Lenders and Originators
Document Number: 2018-15401
Type: Notice
Date: 2018-07-19
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN invites comment on the renewal of information collections in existing regulations requiring insurance companies and non-bank residential mortgage lenders and originators to develop and implement written anti-money laundering programs reasonably designed to prevent those financial institutions from being used to facilitate money laundering and the financing of terrorist activities. This request for comments is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Proposed Information Collection; Comment Request; Renewal Without Change of Bank Secrecy Act Regulations Requiring Money Services Businesses To Report Suspicious Activity
Document Number: 2018-15400
Type: Notice
Date: 2018-07-19
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed renewal without change of the Bank Secrecy Act (``BSA'') Suspicious Activity Reporting requirements for money services businesses (``MSBs''). FinCEN intends to submit this requirement for approval by the Office of Management and Budget (``OMB'') of a three- year renewal of Control Number 1506-0015. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Proposed Collection; Comment Request; Renewal Without Change of the Registration of Money Services Business, Regulation and FinCEN Form 107
Document Number: 2018-15399
Type: Notice
Date: 2018-07-19
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 to a currently approved information collection contained in 31 CFR 1022.380 and the Registration of Money Services Business report, FinCEN Form 107. The form will be used by currency dealers or exchangers; check cashers; issuers of traveler's checks, money orders or prepaid access; sellers of traveler's checks, money orders or prepaid access; redeemers of traveler's checks, money orders or prepaid access; and money transmitters to register with the Department of the Treasury as required by statute. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Agency Information Collection Activities; Comment Requested; Renewal Without Change to the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 Reporting Requirements Under Section 104(e)
Document Number: 2018-09267
Type: Notice
Date: 2018-05-02
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on the Bank Secrecy Act (``BSA'') regulations implemented pursuant to section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (``CISADA'') and consistent with its statutory mission under 31 U.S.C. 310. FinCEN is proposing to renew this information collection without change. The rule requires a U.S. bank that maintains a correspondent account for a foreign bank to inquire of the foreign bank, and report to FinCEN upon written request, certain information with respect to transactions or other financial services provided by that foreign bank.
Proposal of Special Measure Against ABLV Bank, AS as a Financial Institution of Primary Money Laundering Concern
Document Number: 2018-03214
Type: Proposed Rule
Date: 2018-02-16
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, to prohibit the opening or maintaining of a correspondent account in the United States for, or on behalf of, ABLV Bank, AS.
Agency Information Collection Activities; Comment Request; Renewal Without Change of Bank Secrecy Act Currency Transaction Reporting Requirements Regulations
Document Number: 2018-02584
Type: Notice
Date: 2018-02-09
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed renewal without change of the Bank Secrecy Act (``BSA'') regulations requiring Currency Transaction Reporting (``CTR'') for certain financial institutions, i.e., depository institutions, money services businesses, brokers or dealers in securities, mutual funds, futures commission merchants, and introducing brokers in commodities. FinCEN intends to submit this requirement for approval by the Office of Management and Budget (``OMB'') for a three-year extension of Control Number 1506-0004. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Agency Information Collection Activities; Comment Request; Renewal Without Change of Bank Secrecy Act Regulations Requiring Depository Institutions and Insurance Companies To Report Suspicious Activity
Document Number: 2018-02583
Type: Notice
Date: 2018-02-09
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed renewal without change of the Bank Secrecy Act (``BSA'') Suspicious Activity Reporting regulations for certain financial institutions, i.e., depository institutions and insurance companies. FinCEN intends to submit these requirements for approval by the Office of Management and Budget (``OMB'') of a three-year extension of Control Numbers 1506-0001, and 1506-0029. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Bank Secrecy Act Advisory Group; Solicitation of Application for Membership
Document Number: 2017-27846
Type: Notice
Date: 2017-12-27
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 on the Bank Secrecy Act Advisory Group. New members will be selected for three-year membership terms.
Imposition of Special Measure Against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern
Document Number: 2017-24238
Type: Rule
Date: 2017-11-08
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, Bank of Dandong Co., Ltd. (Bank of Dandong) as a financial institution of primary money laundering concern pursuant to Section 311 of the USA PATRIOT Act (Section 311). 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 Bank of Dandong. 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 Bank of Dandong.
Customer Due Diligence Requirements for Financial Institutions; Correction
Document Number: 2017-20777
Type: Rule
Date: 2017-09-28
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is making technical corrections to a final rule published in the Federal Register on Wednesday, May 11, 2016. The final rule relates to certain customer due diligence standards applicable to covered financial institutions, defined as banks, brokers or dealers in securities, mutual funds, and futures commission merchants and introducing brokers in commodities. As published, the final rule contains technical errors that could cause confusion if not corrected.
Proposed Collection; Comment Request; Renewal Without Change of the FinCEN Form 8300
Document Number: 2017-16175
Type: Notice
Date: 2017-08-01
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury, invites all interested parties to comment on its proposed renewal without change to the collection of information through Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Agency Information Collection Activities; Comment Request; Renewal Without Change of Bank Secrecy Act Recordkeeping Requirements
Document Number: 2017-14257
Type: Notice
Date: 2017-07-07
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed renewal without change of the Bank Secrecy Act (``BSA'') recordkeeping requirements addressed in this notice. FinCEN intends to submit these requirements for approval by the Office of Management and Budget (``OMB'') of a three-year extension of Control Numbers 1506-0050 through 1506-0059. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995. In addition, FinCEN is seeking comment on 31 CFR 1010.430, the nature of records and retention period, which is not subject to the PRA because there is no information collection associated with it.\1\
Proposal of Special Measure Against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern
Document Number: 2017-14026
Type: Proposed Rule
Date: 2017-07-07
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, to prohibit the opening or maintaining of a correspondent account in the United States for, or on behalf of, Bank of Dandong.
Proposed Collection; Comment Request; Update and Renewal of the Bank Secrecy Act Designation of Exempt Person Report
Document Number: 2017-11974
Type: Notice
Date: 2017-06-13
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed update and renewal of the collection of information through its ``Designation of Exempt Person'' (``DoEP'') report, used by banks and other depository institutions to designate eligible customers as exempt from the requirement to report transactions in currency over $10,000. FinCEN is proposing to remove the reference to ``Document Control Number,'' which is no longer in use, and add a country field to accommodate reporting from U.S. territories in Part II following the current item 11, and Part III following the current item 23. This request for comments is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.
Agency Information Collection Activities: Proposed Collection; Comment Request; Generic Clearance for the Collection of Qualitative Feedback on Agency Service Delivery
Document Number: 2017-06301
Type: Notice
Date: 2017-03-30
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of our continuing effort to reduce paperwork and respondent burden, we invite comment on a proposed renewal, without change, to the generic clearance for the collection of qualitative feedback on agency service delivery. This request for comments is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Proposed Renewal Without Change; Comment Request; Anti-Money Laundering Programs; Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions
Document Number: 2017-06300
Type: Notice
Date: 2017-03-30
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of our continuing effort to reduce paperwork and respondent burden, we invite comment on a proposed renewal, without change, to an information collection found in existing regulations requiring U.S. financial institutions to establish due diligence policies, procedures, and controls reasonably designed to detect and report money laundering through correspondent accounts that U.S. financial institutions establish or maintain for certain foreign financial institutions. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995.
Inflation Adjustment of Civil Monetary Penalties
Document Number: 2017-01637
Type: Rule
Date: 2017-02-10
Agency: Department of the Treasury, Office of Foreign Assets Control, Financial Crimes Enforcement Network
The Department of the Treasury (``Department'' or ``Treasury'') publishes this final rule to adjust its civil monetary penalties (``CMPs'') for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (collectively referred to herein as ``the Act''). This rule adjusts CMPs within the jurisdiction of certain components of the Department to the maximum amount required by the Act.
Proposed Collection; Comment Request; Update and Revision of the FinCEN Suspicious Activity Reports Electronic Data Fields
Document Number: 2017-02235
Type: Notice
Date: 2017-02-02
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed update and revisions to the collection of information filings by financial institutions required to file such reports under the Bank Secrecy Act (``BSA''). This notice does not propose any new regulatory requirements or changes to the requirements related to suspicious activity reporting. The data fields reflect the filing requirement for all filers of SARs under the BSA. This request for comments is being made pursuant to the Paperwork Reduction Act (PRA) of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Supplemental Information Regarding the Final Rule Imposing the Fifth Special Measure Against FBME Bank, Ltd.
Document Number: 2016-28752
Type: Rule
Date: 2016-12-01
Agency: Department of the Treasury, Financial Crimes Enforcement Network
In its September 20, 2016 order, the U.S. District Court for the District of Columbia remanded to FinCEN the final rule imposing a prohibition on covered financial institutions from opening or maintaining correspondent accounts for, or on behalf of, FBME Bank, Ltd. In its memorandum opinion accompanying that order, the Court stated that the agency had not responded meaningfully to FBME's comments regarding the agency's treatment of aggregate Suspicious Activity Report (SAR) data. The Court found that those comments challenged FinCEN's interpretation of SAR data on at least four distinct grounds. In this supplement to the final rule, FinCEN provides further explanation addressing FBME's comments.
Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern
Document Number: 2016-27049
Type: Rule
Date: 2016-11-09
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing this final rule to prohibit U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, North Korean banking institutions. The rule further prohibits U.S. financial institutions from processing transactions for the correspondent account of a foreign bank in the United States if such a transaction involves a North Korean financial institution, and requires institutions to apply special due diligence to guard against such use by North Korean financial institutions.
Technical Amendments to Various Bank Secrecy Act Regulations
Document Number: 2016-26557
Type: Rule
Date: 2016-11-04
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing this final rule to make a number of technical amendments. This final rule updates various sections of the regulations implementing the Bank Secrecy Act (``BSA'') by removing or replacing outdated references to obsolete BSA forms, removing references to outdated recordkeeping storage media, and replacing several other outdated terms and references.
Conditional Exception to Bank Secrecy Act Regulations Relating to the Burma Section 311 Final Rule
Document Number: 2016-25249
Type: Rule
Date: 2016-10-19
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document contains a conditional exception, pursuant to authority under the Bank Secrecy Act, which would permit certain U.S. financial institutions to maintain correspondent accounts for Burmese banks under certain conditions.
Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
Document Number: 2016-20219
Type: Proposed Rule
Date: 2016-08-25
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing this proposed rule to implement section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 and to remove the anti-money laundering program exemption for banks that lack a Federal functional regulator, including, but not limited to, private banks, non-federally insured credit unions, and certain trust companies. The proposed rule would prescribe minimum standards for anti-money laundering programs for banks without a Federal functional regulator to ensure that all banks, regardless of whether they are subject to Federal regulation and oversight, are required to establish and implement anti-money laundering programs, and would extend customer identification program requirements and beneficial ownership requirements to those banks not already subject to these requirements.
Proposed Renewal Without Change; Comment Request; Imposition of Special Measure Against Commercial Bank of Syria, Including Its Subsidiary Syrian Lebanese Commercial Bank, as a Financial Institution of Primary Money Laundering Concern
Document Number: 2016-20240
Type: Notice
Date: 2016-08-24
Agency: Department of the Treasury, Financial Crimes Enforcement Network
As part of our continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a renewal, without change, to information collection requirements finalized on March 15, 2006 (71 FR 13260, RIN 1506-AA64), imposing a special measure against the Commercial Bank of Syria, including its subsidiary Syrian Lebanese Commercial Bank, as a financial institution of primary money laundering concern. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995 (``PRA''), Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
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.
Customer Due Diligence Requirements for Financial Institutions
Document Number: 2016-10567
Type: Rule
Date: 2016-05-11
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.
Amendments to the Definition of Broker or Dealer in Securities
Document Number: 2016-07345
Type: Proposed Rule
Date: 2016-04-04
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the Department of the Treasury, is proposing amendments to the definitions of ``broker or dealer in securities'' and ``broker-dealer'' under the regulations implementing the Bank Secrecy Act. This rulemaking would amend those definitions explicitly to include funding portals that are involved in the offering or selling of crowdfunding securities pursuant to section 4(a)(6) of the Securities Act of 1933. The consequence of those amendments would be that funding portals would be required to implement policies and procedures reasonably designed to achieve compliance with the Bank Secrecy Act requirements currently applicable to brokers or dealers in securities. The proposal to specifically require funding portals to comply with the Bank Secrecy Act regulations is intended to help prevent money laundering, terrorist financing, and other financial crimes.
Imposition of Special Measure Against FBME Bank Ltd., Formerly Known as the Federal Bank of the Middle East Ltd., as a Financial Institution of Primary Money Laundering Concern
Document Number: 2016-07210
Type: Rule
Date: 2016-03-31
Agency: Department of the Treasury, Financial Crimes Enforcement Network
In a Notice of Finding (NOF) published in the Federal Register on July 22, 2014, FinCEN found that reasonable grounds exist for concluding that FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Middle East Ltd., is a financial institution of primary money laundering concern pursuant to Section 311 of the USA PATRIOT Act (Section 311). On the same date, FinCEN also published in the Federal Register a Notice of Proposed Rulemaking (NPRM) to propose the imposition of a special measure authorized by Section 311 against FBME and opened a comment period that closed on September 22, 2014. On July 29, 2015, FinCEN published in the Federal Register a final rule imposing the fifth special measure, which the United States District Court for the District of Columbia subsequently enjoined before the rule's effective date of August 28, 2015. FinCEN is issuing this final rule imposing a prohibition on U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, FBME in place of the rule published on July 29, 2015.
Financial Crimes Enforcement Network; Withdrawal of Notice of Proposed Rulemaking Regarding JSC CredexBank
Document Number: 2016-04413
Type: Proposed Rule
Date: 2016-03-17
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document withdraws FinCEN's proposed rulemaking to impose the first and fifth special measure regarding JSC CredexBank (``Credex''), renamed JSC InterPayBank (``InterPay''), as a financial institution of primary money laundering concern, 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 Credex, FinCEN has determined that Credex is no longer a primary money laundering concern that warrants the implementation of a special measure under Section 311. Elsewhere in this issue of the Federal Register, FinCEN is publishing a withdrawal of the related finding regarding Credex.
Financial Crimes Enforcement Network; Withdrawal of Finding Regarding JSC CredexBank
Document Number: 2016-04412
Type: Rule
Date: 2016-03-17
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document withdraws FinCEN's finding that JSC CredexBank (``Credex''), renamed JSC InterPayBank (``InterPay''), is a financial institution of primary money laundering concern, 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 Credex, FinCEN has determined that Credex is no longer a primary money laundering concern that warrants the implementation of a special measure under Section 311. Elsewhere in this issue of the Federal Register, FinCEN is publishing a withdrawal of the related notice of proposed rulemaking that would have imposed two special measures against Credex.
Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations-Reports of Foreign Financial Accounts
Document Number: 2016-04880
Type: Proposed Rule
Date: 2016-03-10
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN, a bureau of the Department of the Treasury (``Treasury''), is proposing to revise the regulations implementing the Bank Secrecy Act (``BSA'') regarding Reports of Foreign Bank and Financial Accounts (``FBAR''). The proposed rule would expand and clarify the exemptions for certain U.S. persons with signature or other authority over foreign financial accounts. In addition, the proposed rule would remove the special rules permitting limited account information to be reported when a U.S. person has financial interest in or signature authority over 25 or more foreign financial accounts. The proposed rule would also make several other changes, including a change to the filing date for FBAR reports due in 2017 and a revision to reflect electronic filing of FBARs.
Financial Crimes Enforcement Network; Withdrawal of Notice of Proposed Rulemaking Regarding Banca Privada d'Andorra
Document Number: 2016-04768
Type: Proposed Rule
Date: 2016-03-04
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document withdraws FinCEN's notice of proposed rulemaking seeking to impose the fifth special measure regarding Banca Privada d'Andorra (``BPA''), pursuant to Section 311 of the USA PATRIOT Act (``Section 311''), codified at 31 U.S.C. 5318A. Because of material subsequent developments that have mitigated the money laundering risks associated with BPA, FinCEN has determined that BPA is no longer a primary money laundering concern that warrants the implementation of a special measure under Section 311. Elsewhere in this issue of the Federal Register, FinCEN is publishing a withdrawal of the related finding regarding BPA.
Financial Crimes Enforcement Network; Withdrawal of Finding Regarding Banca Privada d'Andorra
Document Number: 2016-04767
Type: Notice
Date: 2016-03-04
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document withdraws FinCEN's finding that Banca Privada d'Andorra (``BPA'') is a financial institution of primary money laundering concern, pursuant to Section 311 of the USA PATRIOT Act (``Section 311''), codified at 31 U.S.C. 5318A. Because of material subsequent developments that have mitigated the money laundering risks associated with BPA, FinCEN has determined that BPA is no longer a primary money laundering concern that warrants the implementation of a special measure under Section 311. Elsewhere in this issue of the Federal Register, FinCEN is publishing a withdrawal of the related notice of proposed rulemaking that would have imposed a special measure against BPA.
Proposed Collection; Comment Request; Renewal Without Change of the Requirement for Information Sharing Between Government Agencies and Financial Institutions
Document Number: 2016-04275
Type: Notice
Date: 2016-02-29
Agency: Department of the Treasury, Financial Crimes Enforcement Network
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, FinCEN is soliciting comments concerning the renewal without change of the ``Information sharing between government agencies and financial institutions'' under 31 CFR 1010.520, generally referred to as the 314(a) program.
Financial Crimes Enforcement Network; Withdrawal of Finding and Notice of Proposed Rulemaking Regarding Liberty Reserve S.A.
Document Number: 2016-03830
Type: Proposed Rule
Date: 2016-02-24
Agency: Department of the Treasury, Financial Crimes Enforcement Network
This document withdraws FinCEN's finding that Liberty Reserve S.A. (``Liberty Reserve'') is a financial institution of primary money laundering concern and the related notice of proposed rulemaking seeking to impose the fifth special measure regarding Liberty Reserve, 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 Liberty Reserve, FinCEN has determined that Liberty Reserve is no longer a primary money laundering concern that warrants the implementation of a special measure under Section 311.
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