News & Analysis as of

Limited Liability Company (LLC) Money Laundering

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

Ruder Ware

The CTA’s Large Operating Company Exemption in Focus

Ruder Ware on

The Corporate Transparency Act (the “CTA”), part of the federal government’s effort to curtail money laundering by means of shell company structures, imposes disclosure requirements on most entities registered to do business...more

Polsinelli

New York Targets Real Estate Owners in New LLC Transparency Law

Polsinelli on

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

Cozen O'Connor

New York Enacts LLC Transparency Act, Requiring LLCs to Disclose Beneficial Owners

Cozen O'Connor on

The federal Corporate Transparency Act (CTA) is not the only legislation that will be effective in 2024, requiring the disclosure of beneficial owners. On December 22, 2023, New York’s governor, Kathy Hochul, signed the New...more

Fox Rothschild LLP

NY State's New Transparency Law Targets LLCs

Fox Rothschild LLP on

New York is poised to impose its own set of disclosure requirements on certain businesses later this year with a new law that mirrors the federal Corporate Transparency Act (CTA). In December, Gov. Kathy Hochul signed into...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

Cozen O'Connor

Important Information Regarding U.S. Corporate Transparency Act / 美国企业透明法重要信息

Cozen O'Connor on

A new regulation under the federal Corporate Transparency Act (CTA) that, for the first time, will require disclosure of information about all U.S. formed corporations, limited liability companies, and limited partnerships...more

Jones & Keller, P.C.

Corporate Transparency Act Effective January 1, 2024

Jones & Keller, P.C. on

The federal Corporate Transparency Act will apply to all domestic entities, including corporations, limited liability companies and limited partnership effective January 1, 2024. Effective January 1, 2024, the federal...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

Mintz Edge

FinCen Publishes Final Rule on Beneficial Ownership Requirements - a Critical Step Towards Heightened Transparency in U.S....

Mintz Edge on

On January 1, 2021, Congress passed the Corporate Transparency Act (“CTA” or the “Act”) to “better enable critical national security, intelligence and law enforcement efforts to counter money laundering, financing of...more

Amundsen Davis LLC

Federal Beneficial Ownership Reporting Requirements Coming Soon For Many Corporations And LLCs

Amundsen Davis LLC on

The U.S. Congress slipped the Corporate Transparency Act (CTA) into the National Defense Authorization Act enacted on January 1, 2021, after an override of former President Trump’s veto. The CTA will increase the regulatory...more

Greenbaum, Rowe, Smith & Davis LLP

An Overview Of The Corporate Transparency Act

The Corporate Transparency Act (CTA), a segment of the larger National Defense Authorization Act for Fiscal Year 2021, was enacted into law on January 1, 2021. The legislative intent of the CTA is to combat money laundering...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Foodman CPAs & Advisors

New GTO covers Wire Transfers

Foodman CPAs & Advisors on

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

Orrick - Finance 20/20

Treasury Announces Key Regulations and Legislation to Counter Money Laundering and Corruption, Combat Tax Evasion

Orrick - Finance 20/20 on

On May 5, 2016, the U.S. Department of the Treasury announced several actions to strengthen financial transparency. Treasury announced a Customer Due Diligence (CDD) Final Rule, proposed Beneficial Ownership legislation and...more

Carlton Fields

Variable Annuity with a No-lose Death Benefit Is Not Subject to the Statutory and Common Law Insurable Interest Requirement -...

Carlton Fields on

Western Reserve Life Assurance Co. of Ohio v. ADM Associates, LLC, 116 A.3d 794 (R.I. 2015) - Case at a Glance - In a case of first impression, the Rhode Island Supreme Court held that a particular variable annuity...more

Bilzin Sumberg

Caveat Venditor: Is Your Buyer Laundering Money?

Bilzin Sumberg on

The Rise of the Cash Market - We have previously dedicated several posts to the emerging trend among South Florida developers of financing new condominium projects by requiring purchasers to deposit 70-80% of a unit’s...more

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