OFAC Announces Inflation Adjustment for Certain Civil Monetary Penalties

Posted by Kelsay Calvaruso on 9/3/20 5:00 PM

On September 2, 2020, the Office of Foreign Assets Control (OFAC) issued an interim final rule announcing an inflation adjustment for Civil Monetary Penalties (CMP) for “failure to comply with a requirement to furnish information, the late filing of a required report, and failure to maintain records.” These CMPs were omitted from previous adjustments, and this interim final rule contains the annual adjustments from August 1, 2016 through 2020.

These adjustments will be effective October 5, 2020.

OFAC is seeking comments related to the catch-up adjustment through October 5, 2020.

Details on the adjustments, including a summary of the CMP increases, and details on comment submission can be found in the Federal Register Notice here:

https://www.federalregister.gov/documents/2020/09/03/2020-19237/inflation-adjustment-of-civil-monetary-penalties-related-to-reporting-and-recordkeeping

Topics: OFAC, Penalty

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