ITG FAQ #1 Answer-What civil penalties can be asserted under Title 31?

For each negligent violation of any of the reporting or recordkeeping requirements by a financial institution, a civil penalty, not to exceed $500 may be assessed (31 CFR 1010.820(h)).

A civil penalty, not to exceed the greater of the amount involved (not to exceed $100,000) in the transaction or $25,000, may be assessed for each willful violation of the reporting requirements against any domestic financial institution, and any partner, director, officer, or employee of the financial institution who willfully participates in the violation (31 CFR 1010.820(f)).

A civil penalty, up to the amount of the currency or monetary instruments transported into or out of the United States, may be assessed for failure to file FinCEN Form 105, Report of International Transportation of Currency or Monetary Instruments (CMIR). This penalty is reduced by any amount that was seized (by Customs) and forfeited for failure to file FinCEN Form 105. The penalty also applies to a report that was filed containing material omissions or misstatements (31 CFR 1010.820(d)).

Effective July 1, 2013, filers must electronically file the FBAR through the BSA E-File System. If unable to E-file, filers may contact the FinCEN Regulatory Helpline at 800-949-2732 to request an exemption.

Help in completing the FBAR is available Monday - Friday, 8 a.m. to 4:30 p.m. Eastern Time, at (866) 270-0733 (toll-free inside the U.S.) or (313) 234-6146 (not toll-free, for callers outside the U.S.). Questions regarding the FBAR can be sent to FBARquestions@irs.gov. Filers residing abroad may also contact U.S. embassies and consulates for assistance.

For E-Filing system questions, call the FinCEN E-Filing Help Desk at (866) 346-9478, option 1 (M-F, 8-6 Eastern time) or email at BSAEFilingHelp@fincen.gov

A civil penalty up to the amount involved, less any amount forfeited to the United States, may be assessed against any person who willfully structures transactions after January 26, 1987, for the purpose of evading the reporting requirements (31 CFR 1010.820(e)).

A civil penalty, up to $1000, may be assessed for each willful violation of the recordkeeping requirements (31 CFR 1010.820(c)).
 

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