Can anyone provide me with what the penalties are for 31 CFR 103.121 (CIP). I cannot find it in the reg.

Thanks

Take a look at 12 USC 1818(i) & (s). Section 1818 in general addresses regulatory enforcement powers. 1818(i) specifically addresses the ability to assess civil money penalties (CMPs). 1818(s) is the statute that requires federal regulators to slap a cease & desist order on banks for significant violations of BSA. Enforcement actions include C&Ds, formal agreements and civil money penalties. Any time there are violations of law, including BSA, or if an examiner feels an enforcement action may be necessary, consideration is given to the appropriateness of assessing CMPs as well. It is under the 1818 authority that regulators may assess fines for BSA, including violations of 31 CFR 103.121.

However, you won't find defined penalties in 1818. The amount of any penalty, or the severity of any enforcement action, is left to the examiner's discretion and judgment. Each federal regulator, though, has guidelines and a comprehensive review process of such decisions in an effort to ensure consistency.

So, if you are trying to find where it says Riggs should have been fined $25 million, or Amsouth $50 million, you won't find anything like that. The examiners consider several factors, e.g., severity of the violation, root cause, previous exam report comments that warned against a practice or cited a violation, if the violation was willful, etc., in arriving at a suggested fine amount. AR.