Finance & markets · 23/12/2021Updated: 10/17/2026 · 1 min read
FinCEN Amends Bank Secrecy Act Regulations to Remove Civil Penalty Language
Summary
The Financial Crimes Enforcement Network (FinCEN) is updating its regulations under the Bank Secrecy Act to eliminate outdated civil penalty language, which was replaced by the American Jobs Creation Act of 2004. The changes aim to simplify the reporting requirements for foreign financial accounts and transactions with foreign financial institutions.
Original source language: Federal Register — Department of the TreasuryOpen original release →