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Penalties Beneficial Owner Foreign Corporations

Walkers

Update on changes to the beneficial ownership regime in the Cayman Islands

Walkers on

Changes to the beneficial ownership regime took effect on 31 July 2024 and enforcement relating to the new requirements is suspended until early 2025. Many entities that previously had few or no obligations will have to...more

Miller Canfield

The Corporate Transparency Act: An Overview

Miller Canfield on

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

Dorsey & Whitney LLP

FinCEN’s Final Regulations to Implement the Corporate Transparency Act

Dorsey & Whitney LLP on

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

Buchalter

The New FinCEN Small Entity Compliance Guide: Small Companies Will Have to Report Information About Owners and Beneficial Owners...

Buchalter on

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

Fuerst Ittleman David & Joseph

FinCEN Issues Final Rule for Beneficial Ownership Reporting Requirements Under the Corporate Transparency Act

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

Foley & Lardner LLP

What You Need to Know about the Corporate Transparency Act’s Final Rule

Foley & Lardner LLP on

The Final Rule issued under the Corporate Transparency Act (CTA) is, as forecast, a sweeping and significant update to the U.S. anti-money laundering laws, estimated to affect over 32 million entities by requiring new reports...more

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