15 Jan 2025
📈OFAC Adjusts Civil Monetary Penalties for Inflation, Effective 2025
Inflation Adjustment of Civil Monetary Penalties
Summary
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing this final rule to adjust certain civil monetary penalties for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
Agencies
- Treasury Department
- Foreign Assets Control Office
Business Impact
$$ - Med
The regulation adjusts civil monetary penalties for inflation, impacting businesses that may face penalties under various statutes. Businesses should prepare for increased penalties effective January 15, 2025, related to compliance with OFAC regulations.