The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, issued a final rule to adjust certain civil monetary penalties based on inflation, as required by the Federal Civil Penalties Inflation Adjustment Act of 1990. These adjustments are calculated using a specific formula that considers changes in consumer prices, and the updated penalties will apply to violations occurring after the adjustments take effect. This rule does not require public notice or comments, as the changes are mandated by law and involve no new administrative procedures.
Simple Explanation
The government department that helps catch money-related crimes is updating the fines people have to pay when they break certain money rules. They are changing these fines to keep up with how prices are going up over time, like when toys or snacks get more expensive.