OFAC Adjusts CMP Amounts for Inflation

Adam Witmer
BSA, Regulatory Update

On 4/9/20, the Office of Foreign Assets Control published their annual inflation adjustments in the Federal Register. The rule, which is effective on April 9, 2020, is an annual requirements of OFAC and changes the amounts of 5 main civil money penalties from the following laws:

  • The Trading With the Enemy Act

    • The amount is changing from $89,170 to $90,743

  • The International Emergency Economic Powers Act

    • The amount is changing from $302,584 to $307,922

  • The Anti-terrorism and Effective Death Penalty Act of 1996)

    • The amount is changing from $79,874 to $81,283

  • The Foreign Narcotics Kingpin Designation Act

    • The amount is changing from $1,503,470 to $1,529,991

  • The Clean Diamond Trade Act

    • The amount is changing from $13,669 to $13,910

The full Federal Register release can be found here.

Adam Witmer
BSA, Regulatory Update
Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

Website

CFPB Policy Statement on Remittance Transfers during Pandemic

FinCEN FAQ Released for PPP Loans