ITG FAQ #2 Answer-What criminal penalties can be asserted under Title 31?

Any person who willfully violates the recordkeeping requirements of the Bank Secrecy Act (BSA) (31 CFR 1010.410-430, 1020.410, 1021.410, 1022.410 and 1023.410) may be fined up to $1000 and/or imprisoned up to one year for each violation. The fine is increased to $10,000 and/or five years imprisonment if the violation is committed while violating another Federal law that is punishable by imprisonment for more than one year (31 CFR 1010.840(a)).

Any person willfully violating the currency and foreign transactions reporting requirements of the BSA may be fined up to $250,000 and/or imprisoned up to five years (31 CFR 1010.840(b)). If the violation is committed while violating another Federal law or as a pattern of illegal activity involving transactions exceeding $100,000 in any 12-month period, the fine is increased up to $500,000 and/or ten years imprisonment (31 CFR 1010.840(c)). Any person who knowingly makes a false, fictitious or fraudulent statement or representation in any report may be fined up to $10,000 and/or imprisoned up to five years (31 CFR 1010.840(d)).

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