The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a 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. More... This rule adjusts certain maximum civil monetary penalties within the jurisdiction of FinCEN to the amounts required by that act. The final rule is effective January 25, 2024 (Department of the Treasury, Financial Crimes Enforcement Network), the same day it was published in the Federal Register.

FinCEN is promulgating regulations regarding access by authorized recipients to beneficial ownership information (BOI) that will be reported to FinCEN pursuant to section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the Anti-Money Laundering Act of 2020, which is itself part of the National Defense Authorization Act for Fiscal Year 2021. More... The regulations implement the strict protocols required by the CTA to protect sensitive personally identifiable information reported to FinCEN and establish the circumstances in which specified recipients have access to BOI, along with data protection protocols and oversight mechanisms applicable to each recipient category. The disclosure of BOI to authorized recipients in accordance with appropriate protocols and oversight will help law enforcement and national security agencies prevent and combat money laundering, terrorist financing, tax fraud, and other illicit activity, as well as protect national security. The final rule is effective February 20, 2024 (Department of the Treasury, Financial Crimes Enforcement Network) and was published in the Federal Register on December 22, 2023.

The Board issued a final rule amending its rules of practice and procedure to adjust the amount of each civil money penalty provided by law within its jurisdiction to account for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. More... The final rule is effective January 12, 2024 (Procedural and Organizational Rules, Rules of Practice for Hearings, Docket R–1827), the same day it was published in the Federal Register.

On November 14, 2023, the Board published in the Federal Register a proposal that would update all three components of Regulation II’s interchange fee cap based on the latest data reported to the Board by large debit card issuers, update the interchange fee cap every other year going forward by directly linking the interchange fee cap to data from the Board’s biennial survey of large debit card issuers, and implement a set of technical revisions to the regulation. More... The proposal provided for a comment period ending on February 12, 2024. The Board is extending the comment period for 90 days. Further, additional data concerning the proposed new methodology for determining the base component of the interchange fee cap are being made available on the Board’s website. Comments on this notice of proposed rulemaking must be received by May 12, 2024 (Docket R–1818).