Examining FinCEN FAQs, Proposed Legislation and Other CTA Developments
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What is the CTA? The CTA was passed by Congress on January 1, 2021 as part of the Anti-Money Laundering Act of 2020. The purpose of the CTA is to prevent illicit activity, including the use of shell and front companies to...more
As we discussed in part one of this series, the Corporate Transparency Act is in effect as of January 1, 2024, requiring that private companies report information about their beneficial owners to the Department of Treasury’s...more
Effective January 1, 2024, companies must disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) within the United States Department of Treasury. The reporting requirement is part of the U.S....more
The Financial Crimes Enforcement Network (“FinCEN”) has published a new Small Entity Compliance Guide (“Guide”) for compliance with the Beneficial Ownership Information Reporting Rule (“Reporting Rule”), 31 CFR 1010.380. The...more
1. OFAC Imposes Sanctions on Russian Elites Who Were Board Members of Alpha Group- On Aug. 11, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four Russian individuals, Petr...more
On September 29, 2022, the Financial Crimes Enforcement Network (“FinCEN”) promulgated its much-anticipated Final Rule implementing the beneficial ownership reporting scheme mandated by the Corporate Transparency Act....more
What You Need to Know- •The U.S. Treasury Department's FinCEN has issued its final Beneficial Ownership Information Reporting Rule pursuant to the Corporate Transparency Act. •Most business entities will be required to...more
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