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National Defense Authorization Act › Financial Crimes › Beneficial Owner

The National Defense Authorization Act is a United States federal statute enacted each year to specify the budget and expenditures of the Department of Defense. The NDAA identifies which agencies are responsible... more +
The National Defense Authorization Act is a United States federal statute enacted each year to specify the budget and expenditures of the Department of Defense. The NDAA identifies which agencies are responsible for national defense, provides funding for those agencies and includes instructions on proper use of the funds.  less -
Winstead PC

Triggers That Require Reporting Companies to File Updated Beneficial Ownership Interest Reports

Winstead PC on

On January 1, 2024, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act....more

Dunlap Bennett & Ludwig PLLC

Court Finds Corporate Transparency Act Unconstitutional

Dunlap Bennett & Ludwig PLLC on

On March 1, 2024, Judge Liles C. Burke of the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act is unconstitutional in National Small Business United v. Yellen, No....more

Allen Barron, Inc.

The Corporate Transparency Act takes Effect Monday, January 1, 2024

Allen Barron, Inc. on

The Corporate Transparency Act takes effect Monday, January 1, 2024. What are the primary goals of the Corporate Transparency Act? Who is required to comply with the information disclosures within this important new law and...more

Proskauer Rose LLP

Wealth Management Update - December 2023

Proskauer Rose LLP on

Shining a Light on the Corporate Transparency Act: FinCEN’s Rules for Beneficial Ownership Reporting - On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering...more

Stinson LLP

Overview of New Reporting Requirements Under the Corporate Transparency Act

Stinson LLP on

What is the Corporate Transparency Act- The Anti-Money Laundering Act of 2020, which is part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA), established the Corporate Transparency Act (CTA)....more

Hahn Loeser & Parks LLP

The Corporate Transparency Act to Take Effect: What Business Owners Need to Know

Hahn Loeser & Parks LLP on

U.S. companies will soon face new reporting requirements under the Corporate Transparency Act (“CTA”). The new law will require entities identified as reporting companies to provide information about their beneficial owners....more

Foster Swift Collins & Smith

Corporate Transparency Act: What You Need to Know Before 2024

Foster Swift Collins & Smith on

Introduction and Scope of New Rule - With a stated goal of countering money laundering, the financing of terrorism and other illicit activities (including those of Russian oligarchs currently under U.S. sanctions),...more

Locke Lord LLP

FinCEN Adopts Final Regulations Under ‎Corporate Transparency Act

Locke Lord LLP on

Final regulations were adopted on September 29, 2022 by the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of Treasury (the “Beneficial Ownership Rule” or the “Rule”) under the Corporate Transparency...more

Patterson Belknap Webb & Tyler LLP

FinCEN Issues Notice of Proposed New Beneficial Ownership Information Reporting Requirements Under the Corporate Transparency Act

Patterson Belknap Webb & Tyler LLP on

The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of the Treasury, published a Notice of Proposed Rulemaking (the “Proposed Rules”) on December 8, 2021 in the Federal Register. The...more

Bilzin Sumberg

Domestic and International Private Clients and their Closely Held Companies: Update on the Corporate Transparency Act

Bilzin Sumberg on

In a blog post early last year,  we reported on the passage of the Corporate Transparency Act (“CTA”) enacted on January 1, 2021, as part of the National Defense Authorization Act for Fiscal Year 2021. As previously...more

Stinson - Corporate & Securities Law Blog

FinCEN Proposes Beneficial Ownership Reporting Rules

Stinson - Corporate & Securities Law Blog on

The Financial Crimes Enforcement Network (FinCEN) has proposed rules to require certain entities to file reports with FinCEN that identify two categories of individuals: The beneficial owners of the entity; and individuals...more

Maynard Nexsen

The new Corporate Transparency Act and its potential impact on North Carolina commercial real estate attorneys

Maynard Nexsen on

The Corporate Transparency Act of 2019 (“CTA”) was enacted January 1, 2021, as part of the Anti-Money Laundering Act of 2020 (“AMLA”), which is part of the National Defense Authorization Act for Fiscal Year 2021 (“NDAA”)....more

Bilzin Sumberg

FinCEN Seeks Public Comment on Corporate Transparency Act

Bilzin Sumberg on

On April 1, 2021, the Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (the "Notice") seeking public comment on a myriad of issues related to the implementation of a beneficial...more

Lippes Mathias LLP

The Corporate Transparency Act: New Beneficial Ownership Reporting Requirements for Companies

Lippes Mathias LLP on

Earlier this year, Congress voted to override former President Trump’s veto of the 2021 National Defense Authorization Act (“NDAA”). The Corporate Transparency Act (“CTA”), enacted as part of the NDAA, requires “reporting...more

Polsinelli

Corporate Transparency Act – Your Beneficial Entity Ownership Disclosure Is Now Required

Polsinelli on

Executive Summary - The U.S. Congress recently passed the Corporate Transparency Act (“CTA”) as part of the 2021 National Defense Authorization Act. The CTA requires certain corporations, limited liability companies and...more

BCLP

Congress Enacts the Corporate Transparency Act Requiring Certain Entities to Disclose their Owners

BCLP on

On January 1, 2021, Congress enacted the National Defense Authorization Act (the NDAA”). One portion of the NDAA includes the Corporate Transparency Act (the “CTA”), which is described as the most comprehensive anti-money...more

Foodman CPAs & Advisors

¿Se verá comprometido los Estados Unidos en el Futuro Como un Paraíso Fiscal Preferido?

Foodman CPAs & Advisors on

Los cambios a la Ley de Secreto Bancario bajo la Ley de Autorización de Defensa Nacional (“NDAA – “National Defense Authorization Act”) contienen requisitos para que las entidades legales cubiertas informen sobre sus...more

Foodman CPAs & Advisors

Will The Perception Of The USA As A Preferred Tax Haven Be Jeopardized Going Forward?

Foodman CPAs & Advisors on

Changes to the Bank Secrecy Act incorporated into the National Defense Authorization Act (NDAA) contain requirements for beneficial ownership disclosure by covered legal entities at the time of their creation for inclusion in...more

Society of Corporate Compliance and Ethics...

Landmark transparency act passed to thwart creation of shell companies

Society of Corporate Compliance and Ethics... on

CEP Magazine (March 2021) - On January 1, the United States Congress passed the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act for Fiscal Year 2021. According to Transparency...more

Foodman CPAs & Advisors

How will the AML Act of 2020 (the “Act”) Required Examiner Training Impact your Financial Institution?

Foodman CPAs & Advisors on

Section 6307 of the Act requires annual Anti-Money Laundering and Countering the Financing of Terrorism training for Examiners.  The training is to be done in consultation with FinCEN and all levels of law enforcement,...more

Foodman CPAs & Advisors

La Ley Contra el Lavado de Dinero del 2020 Puede Cambiar las Reglas del Juego para los Profesionales del Cumplimiento

Foodman CPAs & Advisors on

El 2 de diciembre del 2020, la Cámara de Representantes de los EE. UU. aprobó la “Ley de Autorización de Defensa Nacional William M. (Mac) Thornberry para el año fiscal 2021“. La Ley incluye la DIVISIÓN F (ANTI-LAVADO DE...more

Fuerst Ittleman David & Joseph

Anti-Money Laundering Compliance Game Changer: A series on the Anti-Money Laundering Act of 2020.

Fuerst Ittleman David & Joseph on

Part II: The Corporate Transparency Act and Beneficial Ownership Disclosure Requirements - On January 1, 2021, Congress overrode President Trump’s veto and passed the Anti-Money Laundering Act of 2020 (“AMLA”). The...more

Gray Reed

The Corporate Transparency Act: What Your Company Needs to Know About the New Federal Reporting Requirements

Gray Reed on

Last month’s post explained how setting up a dummy company can help seal a deal. Unfortunately, dummy companies can be used for far more nefarious purposes, including money laundering, terrorism financing, and tax fraud....more

Dechert LLP

Congress Enacts Significant Changes to the U.S. Anti-Money Laundering Regime

Dechert LLP on

The Anti-Money Laundering Act of 2020 (AML Act), enacted on January 1, 2021 as part of the National Defense Authorization Act for Fiscal Year of 2021 (NDAA), makes several significant changes to U.S. anti-money laundering...more

McDermott Will & Emery

The Corporate Transparency Act: New Beneficial Ownership Reporting Requirements

McDermott Will & Emery on

On January 1, 2021, US Congress passed the National Defense Authorization Act (NDAA). Found within the NDAA (as Division F – Anti-Money Laundering) is the Corporate Transparency Act (the CTA), which will require corporations,...more

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