News & Analysis as of

U.S. Treasury FinCEN

Cozen O'Connor

Corporate Transparency Act Update: New York Cooperatives, Condominiums, and HOAs are Advised to Comply

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January 1, 2025, is the deadline for all entities (unless exempt) created prior to January 1, 2024, to file reports under the Federal Corporate Transparency Act (CTA), and there are substantial penalties for noncompliance....more

Foodman CPAs & Advisors

BOI FAQs 10/3/24

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On 10/3/24, FinCEN published twenty five (25) new updates to the BOI FAQ webpage. The BOI FAQs 10/3/24 address: access to BOI reports, third party service providers, entity conversion, identifications, community property and...more

Wiley Rein LLP

Last Call: The Corporate Transparency Act Filing Deadline is Looming

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With less than three months to go until the Corporate Transparency Act’s (CTA) January 1, 2025 filing deadline, business entities formed or registered to do business in the United States before January 1, 2024 must assess (if...more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday October 21

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October 18, 2024- U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council in executive session at the U.S. Department of the Treasury....more

PilieroMazza PLLC

Corporate Transparency Act, Part 2: Exempt Status, Physical Office, Dissolved and Tribal Entities, and Beneficial Ownership...

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The Corporate Transparency Act (CTA), which came into effect on January 1, 2024, has significant implications for government contractors, tribal entities, and commercial businesses. If you formed an entity before January 1,...more

Lowenstein Sandler LLP

TD Bank to Pay Historic $3 Billion Over AML Compliance Violations

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On October 10, 2024, multiple U.S. federal and state agencies cumulatively fined a number of US based Toronto Dominion Bank subsidiaries (collectively, TD Bank or the Bank) more than $3 billion after finding that TD Bank...more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday October 14

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October 11, 2024 - The U.S. Department of the Treasury’s Community Development Financial Institutions Fund announced an agreement to issue three guarantees worth $498 million under the CDFI Bond Guarantee Program, the...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday October 11

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October 10, 2024- TD Bank N.A., the 10th largest bank in the United States, and its parent company TD Bank US Holding Company pleaded guilty and agreed to an aggregate of $3 billion in fines and penalties—$1.8 billion in...more

Cozen O'Connor

Corporate Transparency Act Compliance

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The federal Corporate Transparency Act (CTA) requires disclosure of information about all corporations, limited liability companies and limited partnerships (unless exempt), and personal information about their beneficial...more

Hahn Loeser & Parks LLP

90 Days and Counting for the Initial CTA Deadline

Time is running out. We are now in the 4th quarter of 2024 and despite legal challenges and proposed actions in the legislature, the year-end Corporate Transparency Act (“CTA”) reporting deadline remains incumbent upon...more

Cozen O'Connor

FinCEN Issues Final Regulation Requiring the Reporting of Certain Non-Financed, Residential Real Estate Transfers

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On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury (Treasury) issued a final rule requiring real estate professionals involved in real estate closings and settlements to...more

BakerHostetler

Weekly Blockchain Blog - September 2024 #4

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Payments Firms Launch Crypto Products, New Crypto Adoption Data Published - According to a recent press release, a well-known U.S. payments and financial technology company announced that it will allow its United States...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday September 27

Paul Hastings LLP on

September 26, 2024 - The U.S. Department of the Treasury is undertaking actions as part of a coordinated international effort to disrupt Russian cybercrime services. Treasury’s Financial Crimes Enforcement Network (FinCEN)...more

Troutman Pepper

Treasury Department Releases Semiannual Regulatory Agenda

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On August 16, the U.S. Department of the Treasury published its semiannual regulatory agenda in the Federal Register, detailing the agency’s upcoming regulatory actions and priorities. The agenda outlines the proposed, final,...more

Troutman Pepper

FinCEN Officially Withdraws Know-Your-Customer Rule for Non-Custodial Crypto Wallets

Troutman Pepper on

On August 19, the U.S. Treasury Department officially withdrew a contentious proposal from 2020 that aimed to impose know-your-customer requirements on non-custodial cryptocurrency wallets....more

Morrison & Foerster LLP

FinCEN Expands its Reach with Final Rules for Investment Advisers and the Residential Real Estate Sector

Key Takeaways - •FinCEN has issued two new final rules to significantly expand regulation around certain investment adviser and residential real estate sectors to combat illicit finance in these areas. These highly...more

Fox Rothschild LLP

What Co-op and Condo Boards Need to Know About the Corporate Transparency Act

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As the year-end deadline for compliance with the Corporate Transparency Act approaches, boards of cooperatives, condominiums and Homeowners Associations should be aware of the requirements that may affect them. The CTA...more

Goodwin

FinCEN Adopts Reporting Requirement for Non-Financed Residential Real Estate Transfers

Goodwin on

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule (the Residential Real Estate Rule) requiring certain persons involved in residential real estate closings and...more

Katten Muchin Rosenman LLP

Corporate Transparency Act: January 1, 2025 Filing Deadline and Recent Developments

This Corporate Advisory provides a brief update on the Corporate Transparency Act (CTA), its reporting requirements and deadlines, and certain recent developments. It is not intended to, and does not, provide legal,...more

Seward & Kissel LLP

Department of the Treasury Releases New AML/CFT Rule for Investment Advisers

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Who may be interested: Investment Advisers - Quick Take: The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule subjecting certain registered investment advisers (RIAs) and...more

Dechert LLP

Treasury Issues Final Investment Advisers AML/CFT Program Rule

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Treasury issued a final rule requiring certain investment advisers to establish an AML/CFT Program and file certain reports, such as Suspicious Activity Reports (SARs), with FinCEN (Final Rule). The Final Rule applies to...more

Foley Hoag LLP

Treasury Subjects Investment Advisers to Anti-Money Laundering Requirements

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On August 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its final rule requiring certain investment advisers to implement anti-money laundering (“AML”) compliance...more

Mayer Brown

FinCEN Finalizes Residential Real Estate Reporting Requirements

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On August 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) finalized a rule to require reporting of certain US residential real estate transactions (“Final Rule”). The Final Rule...more

Lowenstein Sandler LLP

The Real (Estate) Deal: FinCEN’s New Reporting Requirements for Property Transfers

In response to illicit finance risks identified in the U.S. residential real estate sector, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced the issuance of its long-anticipated...more

BakerHostetler

Weekly Blockchain Blog - August 2024 #4

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Financial Firms Announce Crypto Initiatives, Stablecoin Growth Continues - A major U.S. crypto investment company recently announced the launch of its Avalanche Trust, which “offers investors the opportunity to gain...more

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