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Penalties Beneficial Owner Anti-Money Laundering

King & Spalding

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

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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

Ankura

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

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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

Smith Gambrell Russell

What You Need to Know About the Corporate Transparency Act

On January 1, 2024, the Corporate Transparency Act (“CTA”) went into effect. The intent of the CTA is to bring the United States into compliance with international anti-money laundering standards. The CTA requires certain...more

Fuerst Ittleman David & Joseph

Corporate Transparency Act: Executive Summary

The Corporate Transparency Act became law in the United States on January 1, 2021 and required compliance beginning on January 1, 2024. For more information about the background of the statute, please read our prior articles...more

Downs Rachlin Martin PLLC

Corporate Transparency Act - New Federal Reporting Requirement For Entities

Background - In January 2021, the United States Congress passed the Corporate Transparency Act (CTA) as part of the Anti-Money Laundering Act of 2020. This law, while intended to prevent criminal actors from hiding and...more

Lasher Holzapfel Sperry & Ebberson PLLC

What Does the Corporate Transparency Act Mean to Me and My Business?

A few years ago, Congress passed the Corporate Transparency Act, 31 U.S.C. 5336 (“CTA”), which established certain required information filings with the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”). The...more

Proskauer - Regulatory & Compliance

CTA – Accessing Beneficial Ownership Information

On December 21, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the final rule on Beneficial Ownership Information Access and Safeguards (the “Access Rule”) laying out the...more

Holland & Knight LLP

FinCEN Issues Final Rule Implementing Access and Safeguard Provisions of the CTA

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The Corporate Transparency Act (CTA) was enacted in 2021 and became effective on Jan. 1, 2024. The CTA was passed with the aim of enhancing transparency in corporate ownership, so as to combat the proliferation of anonymous...more

Dorsey & Whitney LLP

FinCEN’s Final Regulations to Implement the Corporate Transparency Act

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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

McGlinchey Stafford

Corporate Transparency Act Reporting Begins: Are You Ready?

McGlinchey Stafford on

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 Rodman Law Group, LLC

The Corporate Transparency Act: An Overview

The Corporate Transparency Act (the “CTA” or “Act”), enacted as part of the National Defense Authorization Act for Fiscal Year 2021, marks a significant shift in the regulatory framework for businesses in the United States....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

Husch Blackwell LLP

Corporate Transparency Act Guide

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On January 1, 2024, the Corporate Transparency Act (CTA) will go into effect, and if your business is deemed to be a Reporting Company under the CTA, the clock will begin ticking on new federal reporting obligations....more

Proskauer Rose LLP

Wealth Management Update - December 2023

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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

Downs Rachlin Martin PLLC

Corporate Transparency Act Imposes New Federal Reporting Requirement On Businesses

Background - In January 2021, the United States Congress passed the Corporate Transparency Act (CTA) as part of the Anti-Money Laundering Act of 2020. This law, while intended to prevent criminal actors from hiding and...more

Buckingham, Doolittle & Burroughs, LLC

The Corporate Transparency Act

In 2024, U.S. Businesses Will Face Heightened Reporting Requirements. On January 1, 2021, the federal government enacted the Corporate Transparency Act (“CTA”) – which will impact nearly all U.S. businesses within the...more

Smith Anderson

Corporate Transparency Act: Preparing for FinCEN's Comprehensive Beneficial Ownership Reporting Requirements

Smith Anderson on

Congress passed the Corporate Transparency Act (the “CTA”) in 2020, which aims to prevent U.S. companies from engaging in certain illegal activities, including money laundering and tax fraud, by implementing federal...more

Lasher Holzapfel Sperry & Ebberson PLLC

Business Obligations Under the Corporate Transparency Act: What You Need to Know

The Corporate Transparency Act (CTA) was enacted to enhance corporate transparency and combat illicit activities such as money laundering and tax evasion. While the primary focus of the CTA is unearthing those involved in...more

Foster Garvey PC

The Corporate Transparency Act: New Reporting and Compliance Obligations for Business Clients

Foster Garvey PC on

As you may be aware, the Corporate Transparency Act (the “CTA”) is a new federal law that requires most U.S.-based companies, including corporations, partnerships and limited liability companies, to report information...more

Smith Gambrell Russell

What Everyone Needs to Know About the Corporate Transparency Act (Whether or Not a Corporation!)

Smith Gambrell Russell on

In January 2021, Congress enacted the Corporate Transparency Act (“CTA”), which is intended to bring the U.S. into compliance with international anti-money laundering standards. It will primarily achieve this by requiring...more

Partridge Snow & Hahn LLP

Corporate Transparency Act: Is Your Company Subject to the New Beneficial Owner Reporting Requirements?

In 2021, as part of the Anti-Money Laundering Act of 2020, Congress enacted the Corporate Transparency Act in an effort to prevent and combat illicit activities such as money laundering, terrorist financing, corruption, and...more

Hahn Loeser & Parks LLP

The Corporate Transparency Act To Take Effect In The Coming Year: What Business Owners Need To Know

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

Dechert LLP

AML Update: Central Register of Beneficial Ownership is Now Live

Dechert LLP on

The Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (the Central Register) is now open and Irish entities have until 22 November 2019 to file their beneficial ownership details....more

Dorsey & Whitney LLP

The New AML Regulations and Their Impact on Banks—Increased Compliance for Lending Transactions with Legal Entities

Dorsey & Whitney LLP on

On May 11, 2016, FinCEN published in the Federal Register its long-awaited anti-money laundering (“AML”) rules (the “Final Rules”) governing corporate entities doing business with banks and other financial institutions that...more

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