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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of... more +
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -
Pullman & Comley, LLC

The Corporate Transparency Act: End of Year Deadlines are Approaching - Why Compliance Is Crucial for Business Owners

Pullman & Comley, LLC on

The Corporate Transparency Act (CTA), the federal initiative to limit money laundering, tax evasion, and other illicit activities, took effect on Jan. 1, 2024. The CTA requires many businesses and their owners to register...more

Troutman Pepper

FinCEN Updates FAQs on Beneficial Information Reporting Requirements

Troutman Pepper on

On October 3, the Financial Crimes Enforcement Network (FinCEN) published updated guidance in the form of 25 new and revised frequently asked questions (FAQs) regarding beneficial ownership information (BOI) reporting...more

Holtzman Vogel Baran Torchinsky & Josefiak

FinCEN Beneficial Ownership Reports Due Before the End of the Year

Holtzman Vogel Baran Torchinsky & Josefiak on

Under new rules that went into effect in 2024, certain business entities are now required to file Beneficial Ownership Information (“BOI”) Reports with the Financial Crimes Enforcement Network (“FinCEN”) of the U.S....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

Foodman CPAs & Advisors

Residential Real Estate and FinCEN

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FinCEN seeks to safeguard residential real estate as evidenced by the issuance of the Final Residential Real Estate Rule issued 8/28/24 and taking effect on 12/1/25. The Final Rule requires “certain” industry professionals...more

Rothwell, Figg, Ernst & Manbeck, P.C.

The Corporate Transparency Act: What you Need to Know to Comply with the New Requirements

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The Corporate Transparency Act (CTA) went into effect on January 1, 2024, and will impact millions of U.S. businesses by imposing requirements to file corporate transparency reports with beneficial ownership information...more

Polsinelli

The Corporate Transparency Act: What Homes Associations and Neighborhood Associations Need to Know

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A new federal law requires homes associations and neighborhood associations to disclose information about persons with control over the association.  Why this matters for you. From Wall Street to Main Street to your...more

King & Spalding

FinCEN’s Final Rule on Anti-Money Laundering for Residential Real Estate Transfers

King & Spalding on

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

Locke Lord LLP

Duty to File and Update U.S. Corporate Transparency Act Beneficial Ownership Reports

Locke Lord LLP on

As reported in our earlier QuickStudies on the Corporate Transparency Act (the “CTA”) and the Regulations adopted by the Financial Crimes Enforcement Network (“FinCEN”), each company in existence on or after January 1, 2024...more

Parker Poe Adams & Bernstein LLP

The Corporate Transparency Act: Key Deadline Fast Approaching and Other Recent Updates for Companies

Parker Poe Adams & Bernstein LLP on

If your business has not yet focused on the Corporate Transparency Act (CTA), it is time to do so. Every entity formed or registered in the U.S. before January 1, 2024, must file beneficial ownership information (BOI) reports...more

Holland & Knight LLP

New FinCEN FAQ Guidance: Taxpayer ID Numbers, Disregarded Entities and Best Practices

Holland & Knight LLP on

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on July 24, 2024, issued two new FAQs providing guidance on 1) how to obtain a taxpayer identification number (TIN) in a manner to ensure...more

Polsinelli

FinCEN Issues a Notice to Financial Institution Customers on Beneficial Ownership Information Requirements

Polsinelli on

In its first step in linking CTA and banking laws, FinCEN recently posted a Notice to Financial Institution Customers regarding reporting beneficial ownership information under the CTA and banking regulations...more

Neal, Gerber & Eisenberg LLP

Corporate Transparency Act - Overview of Filing Requirements

Neal, Gerber & Eisenberg LLP on

Background - The Corporate Transparency Act of 2019 (“CTA”) became effective on January 1, 2024. Under the CTA, all “reporting companies” must file a Beneficial Ownership Information (BOI) report with the Financial Crimes...more

Hinshaw & Culbertson LLP

Updated FinCEN FAQs Provide Three Important Clarifications on Reporting Obligations Under the Corporate Transparency Act (CTA)

Hinshaw & Culbertson LLP on

The Corporate Transparency Act (the CTA) went into effect earlier this year, although many uncertainties about the CTA's application still remain. To help remedy those uncertainties, the Financial Crimes Enforcement Network...more

Mayer Brown

FinCEN Requires Reporting from Dissolved Companies

Mayer Brown on

On July 8, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued interpretive guidance that requires certain legal entities that have been dissolved or otherwise ceased to exist to file beneficial ownership...more

Goodwin

CTA Update: FinCEN Clarifies BOI Reporting Requirements for Dissolved Reporting Companies

Goodwin on

On July 8, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released new and updated Frequently Asked Questions (FAQs) that clarify FinCEN’s final rules regarding beneficial ownership...more

Troutman Pepper

FinCEN Clarifies CTA Reporting Requirements for Entities That No Longer Exist

Troutman Pepper on

On July 8, the Financial Crimes Enforcement Network (FinCEN) published three new Frequently Asked Questions (FAQ), C.12 - C.14, that address beneficial ownership information (BOI) reporting requirements under the Corporate...more

Morris, Manning & Martin, LLP

FinCEN Alert: Dissolution Before 2025 Won't Spare CTA Reporting Requirement

Morris, Manning & Martin, LLP on

On July 8, 2024, FinCEN published additional FAQs regarding entities that have ceased to exist.  Unsurprisingly, entities that formally and irrevocably dissolved prior to the Corporate Transparency Act's effective date of...more

Seyfarth Shaw LLP

FinCEN Updates Corporate Transparency Act Guidance: New Clarity for Tribal Entities and Exempted Companies

Seyfarth Shaw LLP on

On June 10, 2024, the Financial Crimes Enforcement Network (FinCEN) released further guidance regarding Corporate Transparency Act (CTA) compliance by updating and expanding the Beneficial Ownership Information (BOI)...more

Ankura

What You Need To Know about FinCEN’s Ultimate Beneficial Ownership Reporting Rule

Ankura on

On September 30, 2022, FinCEN published the Ultimate Beneficial Ownership (UBO) Reporting Rule (the Rule), which implements reporting requirements regarding Beneficial Ownership Information (BOI) under the Corporate...more

Pullman & Comley, LLC

The Corporate Transparency Act and its Application to Estates and Trusts: Answers to Frequently Asked Questions

Pullman & Comley, LLC on

The recently implemented Corporate Transparency Act (the “CTA”) requires that certain entities report information about themselves and their “beneficial ownership” to the Financial Crimes Enforcement Network of the United...more

Strafford

[Webinar] Corporate Transparency Act's Impact on Real Estate: Reporting Companies; Exemptions; Beneficial Ownership Reporting -...

Strafford on

This CLE webinar will examine the Corporate Transparency Act (CTA), effective Jan. 1, 2024, and its impact on real estate entities and transactions, including who is considered a "reporting company" subject to new beneficial...more

Womble Bond Dickinson

The Impact of the Corporate Transparency Act on Companies in a Captive Insurance Structure

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Captive insurance companies are likely exempt from filing a Beneficial Ownership Information (BOI) Report under the insurance company exemption to the Corporate Transparency Act (CTA). Likewise, companies that are owned by...more

Foodman CPAs & Advisors

HOAs Are Reporting Companies Under The CTA

Foodman CPAs & Advisors on

On 4/18/24, FinCEN updated its Beneficial Ownership Reporting FAQs and included for the first time information regarding HOAs (Home Owners Associations). FinCEN confirms in this update that HOAs are reporting companies under...more

Ruder Ware

New Filing Requirements – Corporate Transparency Act

Ruder Ware on

The Corporate Transparency Act (CTA) is a recent enactment that mandates increased transparency in entity ownership structures, aiming to combat illicit activities such as money laundering and terrorism financing facilitated...more

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