News & Analysis as of September 20, 2024

Bank Secrecy Act › Limited Liability Company (LLC)

+ Follow

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -

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

Fuerst Ittleman David & Joseph on 10/24/2022

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

The Anti-Money Laundering Act Of 2020: What Businesses Need To Know Now

Hahn Loeser & Parks LLP on 4/26/2021

The National Defense Authorization Act for Fiscal Year 2021 (“NDAA”) enacted earlier this year includes several provisions that may impose new reporting requirements on both foreign and domestic businesses. NDAA is an...more

The Corporate Transparency Act – Government KYC

Proskauer Rose LLP on 2/8/2021

Summary of the Corporate Transparency Act under the National Defense Authorization Act for Fiscal Year 2021 - On January 1, 2021, the Corporate Transparency Act (the “CTA”), which is part of the National Defense...more

What You Need to Know about the Corporate Transparency Act

Foley & Lardner LLP on 1/12/2021

On January 1, 2021, Congress passed the National Defense Authorization Act for Fiscal Year 2021, which includes the Corporate Transparency Act (the CTA).1 The CTA requires all U.S. businesses to file “beneficial ownership”...more

Congress Steps up Oversight of Art and Antiquities Markets

Sullivan & Worcester on 1/5/2021

On January 1, 2021, the U.S. Senate overrode President Trump’s veto of the National Defense Authorization Act for 2021 (NDAA), a bill that (perhaps surprisingly) included rules affecting the art market. Specifically, the new...more

Senate Committee Hears from OCC, FinCEN and FBI on Risks Posed by Anonymous Corporate Structures

Ballard Spahr LLP on 5/24/2019

Testimony Supports Bill Requiring States to Collect Beneficial Ownership Information at Entity Formation - As we have blogged, the proposed Corporate Transparency Act of 2019 (the “Act”) seeks to ensure that persons who...more

New GTO covers Wire Transfers

Foodman CPAs & Advisors on 10/16/2017

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New...more

The Corporate Transparency Act: A Proposal to Expand Beneficial Ownership Reporting for Legal Entities, Corporate Formation...

Ballard Spahr LLP on 9/21/2017

In late June, Representatives Carolyn Maloney and Peter King of New York introduced The Corporate Transparency Act of 2017 (the “Act”). In August, Senators Ron Wyden and Marco Rubio introduced companion legislation in the...more

One-Two Punch for Transparency: Beneficial Owners Outed

Manatt, Phelps & Phillips, LLP on 5/31/2016

In an apparent effort to create the impression of strong U.S. policy response in the wake of the Panama Papers, the U.S. Department of the Treasury (Treasury) announced three initiatives to promote greater transparency and...more

9 Results

View per page

Page: of 1

Bank Secrecy Act › Limited Liability Company (LLC)

"My best business intelligence, in one easy email…"