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Under the Federal Civil Penalties Inflation Adjustment Act of 1990 (as amended by the 2015 Improvements Act, Pub. L. 114-74 § 701), federal agencies are required to publish annual inflation adjustments to their civil monetary penalties by January 15 of each year. OFAC's CMP adjustment is a non-discretionary final rule issued under the "good cause" exemption from notice-and-comment rulemaking (5 U.S.C. § 553(b)(B)) because the adjustment formula is mandated by statute.
The rule amends 31 CFR Parts covering all active OFAC sanctions programs — spanning IEEPA-based programs (Iran, Russia, Belarus, North Korea, Syria, China/Hong Kong, Venezuela, Myanmar, Cuba, Nicaragua, et al.), TWEA-based programs (Cuba), and the Narcotics Kingpin Act — by updating the tabular penalty schedule in Appendix A to 31 CFR Part 501.
Correction notice (C1-2023-00593, April 17, 2023): The original January 13 publication contained a typographical error in Appendix A to Part 501 — on page 2231, third column, 16th line, paragraph designator "v" should have read "vi". The correction notice fixes this lettering-sequence error without altering any penalty dollar amount. The substantive penalty ceiling amounts set by the January 13 rule remain unchanged.
superseded. Under IEEPA, the 2022 ceiling was approximately $346,065; the 2023 rule applied the 2021–2022 CPI-U multiplier to produce the 2023 ceiling.
2024-01-12-us-ofac-civil-monetary-penalties-inflation-adjustment-2024; adjusted the 2023 ceilings using the 2022–2023 CPI-U multiplier (1.03241), raising the IEEPA ceiling from $356,579 to $368,136 and the TWEA ceiling from $105,083 to $108,489. This confirms the 2023 IEEPA ceiling was $356,579.
adjudicated in 2023, including any enforcement actions resolved via settlement agreement during the year.
assessments against the prevailing-year CMP ceiling; the 2023 ceiling governs ongoing investigations opened and resolved during calendar year 2023.
penalty exposure calculations.