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

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

FinCEN Issues Final Rule Expanding Anti-Money Laundering/ Countering the Financing of Terrorism Requirements for Investment...

On September 4, 2024, the Financial Crimes Enforcement Network (“FinCEN”), U.S. Department of Treasury, published a final rule (the “Final Rule”) expanding the definition of “financial institution” under the Bank Secrecy Act...more

Corporate Transparency Act: Entities That No Longer Exist May Need to File BOI Reports According to New FinCEN FAQs

Since January 1, 2024, when the Corporate Transparency Act’s (“CTA”) beneficial ownership reporting requirements became effective, a key issue has been whether companies that meet the requirements of a “reporting company” are...more

Request for Comments on FinCEN and SEC rule on CIP

The SEC and FinCEN Request Comments on their Proposed Rule on Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers - The Securities and Exchange Commission (“SEC”) and the...more

Federal District Court in Alabama Declares CTA Unconstitutional; DOJ Appeals to 11th Circuit; FinCEN Requires Continued Compliance

On March 1, 2024, a federal judge in the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA and its implementing regulations require that...more

FinCEN Proposes Rule to Target High Risk Residential Real Estate Transfers

On February 7, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a proposed rule that would extend reporting and recordkeeping requirements to persons involved in real estate...more

OMB Finalizes Regulatory Guidance On “Buy America Preferences For Infrastructure Projects”

Revised guidance takes effect on October 22, 2023 and will be supplemented by forthcoming memorandum - On August 23, the Office of Management and Budget (“OMB”) published final Guidance for Grants and Agreements to...more

U.S. Commerce Department Launches First CHIPS for America Funding Opportunity

Applications For Leading Edge Commercial Fabrication Facilities And For Current-Generation Facilities Accepted Beginning March 31, 2023 And June 26, 2023, Respectively - On August 9, 2022, President Joseph R. Biden signed...more

FinCEN Issues Final Rule for Beneficial Ownership Regulations

Implementation of Beneficial Ownership Reporting Obligations; Expanded CDD Rule Forthcoming On September 29, 2022, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule...more

Senators Introduce Bipartisan Bill To End U.S. Dependence On Chinese Rare Earth Elements

Legislation Introduced In The Context Of Significant Federal Attention To Vulnerable Supply Chains, Including Critical Minerals And Materials - On January 14, 2022, Senators Tom Cotton (R-AR) and Mark Kelly (D-AZ)...more

Uyghur Forced Labor Prevention Act Signed Into Law

Creates A New Forced Labor “Presumption” That Would Prohibit Certain Imports From Entry Into The United States, Among Other Measures, To Address Forced Labor In China - On December 23, 2021, President Biden signed into law...more

FinCEN Requests Comments on Beneficial Ownership Reporting Requirement; FinCEN’s Request For Information Moves U.S. Towards...

The United States Department of the Treasury (“Treasury”) is taking further action to combat corruption, money laundering, terrorist financing, tax fraud, and other illicit activities. Following its Advance Notice of...more

OFAC Puts Virtual Currency Industry On Notice

Guidance Demonstrates OFAC’s Expectations for Sanctions Compliance by Cryptocurrency Industry - On October 15, 2021, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury published Sanctions...more

Biden Administration Continues Taking Action to Strengthen U.S. Supply Chains

Agencies Request Information From Public to Support U.S. Supply Chains - The Department of Commerce’s Bureau of Industry and Security (“BIS”) and the Department of Transportation (“DoT”) are requesting information and...more

FinCEN Issues Anti-Money Laundering and Countering the Financing of Terrorism Priorities

FinCEN announces eight areas of focus and advises preparation for issuance of new regulations - On June 30, 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the first...more

Biden Administration Issues 100-Day Supply Chain Report

Industry-Specific Primer – Semiconductor Manufacturing And Advanced Packaging - On June 8, 2021, the Biden Administration issued the reports mandated by the Executive Order on America’s Supply Chains (the “America’s Supply...more

Update on the Proposed TRIPS Waiver at the WTO: Where is it Headed, and What to Expect?

On June 8-9, 2021, the World Trade Organization’s (WTO) TRIPS Council will hold their first meeting in the wake of the U.S. Trade Representative (USTR) announcing “the Biden-Harris Administration’s support for waiving...more

FinCEN’s New Whistleblower Program: Global Implications

Modernizing FinCEN’s Whistleblower Program Under the Anti-Money Laundering Act of 2020 - INTRODUCTION - Reporting on multiple international money-laundering schemes last year brought public focus to the anti-money...more

FATF Releases Proposed Updates to Cryptocurrency Regulation Guidance

On March 19, 2021, the Financial Action Task Force (“FATF”), an intergovernmental body tasked with setting international standards aimed at preventing money laundering and terrorist financing (“FATF Standards”), released its...more

Group of Nearly 60 WTO Members Seek Unprecedented Waiver from WTO Intellectual Property Protection for COVID-related Medical...

Companies holding intellectual property in medical products used in the fight against COVID-19 should be aware of formal efforts by a group of nearly 60 developing countries, led by India and South Africa, to obtain a waiver...more

President Biden Orders Comprehensive Supply Chain Review

Articulates Administration Policy And Reaffirms Need For “Strong, Resilient Supply Chains” For “Critical And Essential Goods And Materials” - On February 24, 2021, President Joseph R. Biden Jr. signed an Executive Order on...more

New BSA/AML Regime Promises Sweeping Changes

As we wrote over the summer, Congress has passed a bill that will require certain corporations and limited liability companies (“LLCs”) to report information on their beneficial owners to the U.S. Treasury Department’s...more

FinCEN Proposes Lower Travel Rule Thresholds for Fiat and Virtual Currencies

In October of last year, we wrote about the challenges faced by virtual currency businesses in complying with the Travel Rule following new guidance from the Financial Action Task Force (FATF) and the Financial Crimes...more

Bank Secrecy Act Update

Bank Secrecy Act Update: The Financial Crimes Enforcement Network Details Its Bank Secrecy Act Enforcement Approach; Bank Regulators Provide Guidance on Their Approach to BSA Enforcement; FinCEN’s Final Rule Requiring BSA...more

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