1506-AB40 202004 Unified Agenda of Federal Regulatory and Deregulatory Actions 1506 Financial Crimes Enforcement Network FINCEN 1500 Department of the Treasury TREAS Reports of Foreign Financial Accounts Civil Penalties

FinCEN, a bureau of the Department of the Treasury (Treasury), is amending 31 CFR 1010.820 to withdraw the reports of foreign financial accounts (FBAR) civil penalties language at 31 CFR 1010.820(g), which was made obsolete with the enactment of the American Jobs Creation Act of 2004. The American Jobs Creation Act of 2004 amended 31 U.S.C. 5321(a)(5) to allow for a greater maximum penalty for a willful violation of 31 U.S.C. 5314 than was previously authorized.

]]> Substantive, Nonsignificant Previously Published in The Unified Agenda Final Rule Stage No No Fully or Partially Exempt 31 CFR 1010.820(g) 12 U.S.C. 1829b 12 U.S.C. 1951 to 1959 31 U.S.C. 5311 to 5314 31 U.S.C. 5316 to 5332 No Final Action 08/00/2020 No None No No No FinCEN Regulatory Support Section 1506 Financial Crimes Enforcement Network FINCEN 800 767-2825 frc@fincen.gov P.O. Box 39, Vienna VA 22183