FinCEN Statement on Enforcement of the Bank Secrecy Act

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.