FinCEN Statement on Enforcement of the Bank Secrecy Act

August 18, 2020 / Source: FinCEN

Immediate Release

WASHINGTON—As the primary regulator and administrator of the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) today issued a statement that sets forth its approach to enforcing the rules and regulations within the BSA.

Through this statement, FinCEN aims to provide clarity and transparency to its approach when contemplating compliance or enforcement actions against covered financial institutions that violate the BSA.  Today’s statement outlines the administrative actions available to FinCEN, and provides an overview of the information FinCEN analyzes in order to determine the appropriate outcome to violations of the BSA.  FinCEN also encourages financial institutions to voluntarily and promptly report violations, and to candidly and completely cooperate with any investigation.

“FinCEN is committed to being transparent about its approach to BSA enforcement.  It is not a ‘gotcha’ game,” said FinCEN Director Kenneth A. Blanco.  “The information required by the BSA saves lives, and protects our communities and people from harm.  It is a national security issue.”

The statement describes FinCEN’s enforcement authorities, dispositions, and the factors it evaluates in determining the appropriate response and enforcement of BSA violations.

The mission of the Financial Crimes Enforcement Network is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.

Financial Institution

Casinos

Depository Institutions

Insurance Industry

Money Services Businesses

Mortgage Co/Broker

Precious Metals/Jewelry Industry

Securities and Futures