On August 29, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule under the Bank Secrecy Act (“BSA”) requiring certain persons involved in real estate closings and settlements to report and maintain...more
9/12/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Exemptions ,
Final Rules ,
FinCEN ,
Noncompliance ,
Penalties ,
Popular ,
Proposed Rules ,
Real Estate Transfers ,
Recordkeeping Requirements ,
Settlement
Since January 1, 2024, when the Corporate Transparency Act’s (“CTA”) beneficial ownership reporting requirements became effective, a key issue has been whether companies that meet the requirements of a “reporting company” are...more
On March 1, 2024, a federal judge in the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA and its implementing regulations require that...more
3/13/2024
/ Alabama ,
Beneficial Owner ,
Civil Monetary Penalty ,
Corporate Transparency Act ,
Criminal Penalties ,
Deadlines ,
FinCEN ,
Fraud ,
Noncompliance ,
Penalties ,
Popular ,
Reporting Requirements ,
Transparency ,
Unconstitutional Condition
On February 7, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a proposed rule that would extend reporting and recordkeeping requirements to persons involved in real estate...more
Implementation of Beneficial Ownership Reporting Obligations; Expanded CDD Rule Forthcoming On September 29, 2022, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule...more
10/13/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Final Rules ,
FinCEN ,
Limited Liability Company (LLC) ,
National Security ,
NDAA ,
Notice of Proposed Rulemaking (NOPR) ,
Ownership Interest ,
Reporting Requirements
The United States Department of the Treasury (“Treasury”) is taking further action to combat corruption, money laundering, terrorist financing, tax fraud, and other illicit activities.
Following its Advance Notice of...more
FinCEN announces eight areas of focus and advises preparation for issuance of new regulations -
On June 30, 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the first...more
7/8/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Corporate Transparency Act ,
Corruption ,
Cyber Crimes ,
Cybersecurity ,
Drug Trafficking ,
Financial Institutions ,
FinCEN ,
Fraud ,
Human Trafficking ,
New Regulations ,
Popular ,
Reporting Requirements ,
Significant Transnational Criminal Organization ,
Terrorism Funding ,
Virtual Currency ,
Whistleblowers
If the U.S. House of Representatives has its way, some corporations will soon be required to report information on their beneficial owners to the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). On...more