In an evolving (and somewhat disjointed) process, FinCEN has been providing guidance to persons and entities that are responsible for filing required beneficial ownership information (“BOI”) reports to FinCEN, as well as to...more
Following consideration of comments received from an Advanced Notice of Proposed Rulemaking, on February 16, 2024, FinCEN issued a proposed rule (the “Proposed Rule”) that for the first time would require non-financed...more
3/18/2024
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Money Laundering ,
Beneficial Owner ,
Cash Transactions ,
Compliance ,
Corporate Transparency Act ,
Covered Transactions ,
Financial Crimes ,
FinCEN ,
Geographic Targeting Order ,
Money Laundering ,
Popular ,
Proposed Rules ,
Real Estate Investments ,
Real Estate Transactions ,
Recordkeeping Requirements ,
Reporting Requirements ,
Residential Real Estate Contracts ,
Suspicious Activity Reports (SARs)
Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on September 30, 2022, the Financial Crimes Enforcement...more
1/8/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Compliance ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Filing Deadlines ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Foreign Corporations ,
Legal Entities ,
NDAA ,
Penalties ,
Publicly-Traded Companies ,
Reporting Requirements
Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on September 30, 2022, the Financial Crimes Enforcement...more
The Beginning -
Crypto assets were initially “off the grid,” and many early proponents celebrated the promise of their regulatory independence. While conventional assets were governed by a virtual alphabet soup of federal...more
On March 7, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued an alert (the “FinCEN Alert”) urging financial institutions to proactively guard against possible attempts to evade recently implemented sanctions...more
3/10/2022
/ Biden Administration ,
BSA/AML ,
Compliance ,
Economic Sanctions ,
Executive Orders ,
Financial Institutions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Suspicious Activity Reports (SARs) ,
Ukraine
Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on December 8, 2021, the Financial Crimes Enforcement...more
1/14/2022
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Filing Requirements ,
Financial Institutions ,
FinCEN ,
Legal Entities ,
Proposed Regulation ,
Reporting Requirements
On November 23, 2021, the Office of the Comptroller of the Currency (the “OCC”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Federal Reserve Board (the “Prudential Regulators”) exercised their collective...more
12/13/2021
/ Bank Service Company Act ,
Banking Sector ,
Banks ,
Compliance ,
Data Breach ,
FDIC ,
Federal Reserve ,
Final Rules ,
Notice Requirements ,
OCC ,
Prudential Regulation Authority (PRA)
On November 30, 2020, the ICE Benchmark Administration Limited (commonly referred to as “ICE”) announced its plan to extend the date that most U.S. LIBOR values would cease being computed and announced from December 31, 2021...more
Immediately prior to his departure as the Comptroller of the Currency , Joseph Otting finalized the OCC’s restructuring of its version of the Community Reinvestment Act’s implementing regulations (the “CRA Amendments”) -...more
Fannie Mae and Freddie Mac (the “GSEs”), working together with Mortgage Electronic Registry Systems (“MERS”), have been promoting the use of electronic mortgage notes (“eNotes”) in the residential mortgage industry. MERS,...more
On October 11, 2019, the California Attorney General (the “California AG”) issued draft regulations (the “Draft Regulations”) pursuant to his authority under the California Consumer Privacy Act of 2018 (“CCPA”). The...more
10/17/2019
/ Anti-Discrimination Policies ,
California Consumer Privacy Act (CCPA) ,
Comment Period ,
Consumer Privacy Rights ,
Covered Entities ,
Minors ,
Notice Requirements ,
Personal Information ,
Privacy Laws ,
Proposed Regulation ,
State Attorneys General
On July 26, 2019, the U.S. House of Representatives passed H.R. 2336, the Family Farmer Relief Act of 2019. The primary purpose of the bill, sponsored by Rep. Anthony Delgado (D-NY), is to increase the debt limit for filing...more
Since its adoption last year, U.S. financial institutions have been confronted with the challenge of planning their compliance with the California Consumer Privacy Act (the “CCPA”). The CCPA becomes effective in two stages -...more
With less than one month remaining until the April 19, 2018 effective date of bankruptcy-related amendments to Regulation X and Regulation Z, the Consumer Financial Protection Bureau (“CFPB”) has issued “Mortgage Servicing...more