U.S. annual inflation adjustment to civil monetary penalties
Violations that occurred after November 2, 2015
Violations that occurred after November 2, 2015
The U.S. Department of Homeland Security—with U.S. Customs and Border Protection, Coast Guard, and Transportation Security Administration—today released for publication in the Federal Register a final rule making the 2023 annual inflation adjustment to its civil monetary penalties.
Read the final rule [PDF 353 KB] (50 pages)
The new penalties will be effective for penalties assessed after the date of publication in the Federal Register (scheduled for January 13, 2023) when associated violations occurred after November 2, 2015.
A related release (January 12, 2023) from the Department of the Treasury’s Office of Foreign Assets Control (OFAC) notes that OFAC also issued a final rule [PDF 312 KB] (20 pages) to implement for 2023 the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The regulatory amendment adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations.
For more information, contact a professional with KPMG’s Trade & Customs services:
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John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
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George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
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