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Reporting Requirements Money Laundering Financial Crimes

Proskauer Rose LLP

Key Concerns for Trusts and Estates Pertaining to the Corporate Transparency Act

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The Corporate Transparency Act (CTA), passed into law on January 1, 2021 in an effort to crack down on money laundering and other financial crimes, requires certain entities to report their beneficial owners to the federal...more

Baker Botts L.L.P.

The Corporate Transparency Act: January 1, 2025 Deadline Approaching Fast

Baker Botts L.L.P. on

The Corporate Transparency Act (the “CTA”) took effect in the United States on January 1, 2024, resulting in significant new beneficial ownership reporting requirements. These requirements have a sweeping effect, as many...more

Nelson Mullins Riley & Scarborough LLP

FinCEN Announces Relief Plans for Qualified Victims Impacted by Recent Hurricanes

The Financial Crimes Enforcement Network (FinCEN) recently announced plans to provide relief to victims of recent hurricanes and natural disasters, including Hurricane Helene. FinCEN is providing an additional six months to...more

Ankura

Banking as a Service: How Strong Is Your Financial Crime Compliance Partnership?

Ankura on

The growth in partnerships between banks and Fintech companies through Banking as a Service (BaaS) models presents significant opportunities for innovation across the financial services sector. However, these collaborations...more

Ballard Spahr LLP

FinCEN Reports Check Fraud Amounting to $688 Million Over Six Month Period

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The Financial Crimes Enforcement Network (“FinCEN”) issued last month an in-depth report on check fraud stemming from mail theft (“Report”).  This is a pernicious and expanding problem.  The Report follows upon a joint alert...more

Cadwalader, Wickersham & Taft LLP

Jeopardy Question: Rates and Leaves -- Answer: What Are Things That Are Dropping?

FinCEN Issues Final Rule Designed to Combat Money-Laundering in Residential Real Estate Transactions: Money It’s a Gas, Grab That Cash With Both Hands and Make a Stash....more

Walkers

Channel Islands Regulatory Update: October 2024

Walkers on

The financial services sector in the Channel Islands has seen the publication of a report by MONEYVAL, a proposal to increase administrative penalties and the release of two public statements. The Bailiwick gambling...more

Cadwalader, Wickersham & Taft LLP

FinCEN Issues Final Rule Designed to Combat Money-Laundering in Residential Real Estate Transactions: Money It’s a Gas, Grab That...

As part of an effort to combat money laundering in United States residential real estate transactions, the Financial Crimes Enforcement Network bureau of the United States Department of the Treasury (“FinCEN”) issued a final...more

Jones Day

Investment Advisers Subject to AML and SARs Requirements

Jones Day on

The Situation: The Financial Crimes Enforcement Network ("FinCEN") has adopted a rule that subjects certain investment advisers to anti-money laundering/countering the financing of terrorism program ("AML") requirements...more

Ballard Spahr LLP

FinCEN Finalizes Rule Subjecting Investment Advisers to AML/CFT Regulations

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Following up on its Notice of Proposed Rulemaking (“NPR”), which we discussed back in March, the Financial Crimes Enforcement Network (FinCEN) released on August 28th a final rule extending Anti-Money Laundering/Countering...more

Ballard Spahr LLP

FinCEN Issues Final BSA Reporting Requirements for Residential Real Estate Deals

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On August 29, the Financial Crimes Enforcement Center (“FinCEN”) published Anti-Money Laundering Regulations for Residential Real Estate Transfers (“Final Rule”) regarding residential real estate.  The Federal Register...more

Ballard Spahr LLP

FinCEN Highlights Differences in CDD Rule and CTA Reporting of BOI

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The Financial Crimes Enforcement Network (“FinCEN”) has published a two-page reference guide (“Guide”) comparing the requirements for reporting beneficial ownership information (“BOI”) to FinCEN under the Corporate...more

Ballard Spahr LLP

FinCEN Issues Proposed Rulemaking Aimed at Strengthening and Modernizing AML Programs Across Multiple Industries

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On July 3, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) as part of a broader initiative to “strengthen, modernize, and improve” financial institutions’ anti-money...more

Roetzel & Andress

Corporate Transparency Act: New Reporting Rules for Dissolved and Merged Companies

Roetzel & Andress on

On January 1, 2024, federal law called the Corporate Transparency Act (“CTA”) took effect. The CTA aims to prevent money laundering, tax fraud, and other illegal activity by requiring companies to report basic identifying...more

McGuireWoods LLP

Highlights from the 2024 SIFMA Anti-Money Laundering and Financial Crimes Conference on the Corporate Transparency Act

McGuireWoods LLP on

On May 6, 2024, the Financial Crimes Enforcement Network (“FinCEN”) Director Andrea Gacki, Acting Chief of the Enforcement Division Steve Hsieh, Acting Associate Director of the Policy Division James Martinelli, and other key...more

Dorsey & Whitney LLP

FinCEN Proposes AML Compliance Obligations for Non-Financed Real Estate Transactions

Dorsey & Whitney LLP on

Following consideration of comments received from an Advanced Notice of Proposed Rulemaking, on February 16, 2024, FinCEN issued a proposed rule (the “Proposed Rule”) that for the first time would require non-financed...more

Polsinelli

New York Targets Real Estate Owners in New LLC Transparency Law

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Riding a wave of ownership disclosure laws began with the passage of the federal Corporate Transparency Act (CTA), on December 22, 2023, Governor Hochul signed New York’s own “LLC Transparency Act” (the NY-LLCTA), passed by...more

Falcon Rappaport & Berkman LLP

FinCEN’s Anti-Money Laundering Regulations for Residential Real Estate Transfers

To crack down on money-laundering in the U.S. residential real estate market, the Financial Crimes Enforcement Network (“FinCEN”) has proposed new reporting requirements for certain real estate transactions. Specifically, the...more

Ballard Spahr LLP

FinCEN Proposes BSA Reporting Requirements for Residential Real Estate

Ballard Spahr LLP on

On February 16, the Financial Crimes Enforcement Center (“FinCEN”) published a Notice of Proposed Rulemaking (“NPRM”) regarding residential real estate. The final version of the NPRM published in the Federal Register is 47...more

Dunlap Bennett & Ludwig PLLC

What Is The Corporate Transparency Act?

The Corporate Transparency Act was passed by Congress with bipartisan support in 2021 and went into effect on January 1, 2024. Broadly speaking, the law requires private companies to file a report with the Department of...more

Adler Pollock & Sheehan P.C.

The Corporate Transparency Act – New Reporting Requirements for Beneficial Owners

Several years ago, Congress passed the Anti-Money Laundering Act of 2020, which became effective law on January 1, 2021 (the “Act”). Included in the Anti-Money Laundering legislation was the Corporate Transparency Act...more

Sheppard Mullin Richter & Hampton LLP

Treasury Announces Renewed Push for Investment Adviser AML Rules in Q1 2024

The United States Department of the Treasury has announced that it is working to address what it perceives as money laundering risks associated with investment advisers. Specifically, the agency asserts that absent consistent...more

Miller & Martin PLLC

The Corporate Transparency Act: A New Federal Law with Broad Implications

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The Corporate Transparency Act (the “CTA”) is a new federal law enacted in 2021 to combat money laundering, terrorism, tax fraud and other illegal activities. Starting January 1, 2024, the CTA will require a substantial...more

Hendershot Cowart P.C.

Small Business Owners: New Federal Reporting Requirements Start January 1

Hendershot Cowart P.C. on

Beginning January 1, 2024, most small businesses in the United States will have to report information about the people who own and control the business to the federal government. This new reporting rule was established by...more

Epstein Becker & Green

Corporate Transparency Act Brings Expansive New Federal Reporting Requirements for Entities in 2024

Epstein Becker & Green on

Beginning January 1, 2024, certain legal entities and their beneficial owners will face significant new reporting requirements in the United States.   Under the Corporate Transparency Act (including the corresponding rules,...more

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