The NYS LLC Transparency Act (the “New York Act”) became law in January 2024 and takes effect on January 1, 2026. When in effect, it would require limited liability companies formed or qualified to do business in New York to...more
5/7/2025
/ Beneficial Owner ,
Business Ownership ,
Corporate Transparency Act ,
Disclosure Requirements ,
Filing Requirements ,
FinCEN ,
Interim Final Rules (IFR) ,
Limited Liability Company (LLC) ,
New Regulations ,
New York ,
Regulatory Requirements ,
Reporting Requirements
On March 14, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) in the Federal Register that will impose new obligations on many money services...more
3/20/2025
/ Anti-Money Laundering ,
Compliance ,
Federal Register ,
Financial Services Industry ,
FinCEN ,
Geographic Targeting Order ,
Money Services Business ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management ,
Suspicious Activity Reports (SARs)
The Fifth Circuit Court of Appeals has stayed the preliminary injunction issued on December 3, 2024, in the Texas Top Cop Shop case by a U.S. District Court. As a result, the original beneficial ownership reporting...more
12/27/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Compliance ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Reporting Requirements ,
Stays ,
Time Extensions
Beneficial Ownership Reports are filed electronically through the Financial Crimes Enforcement Network.
Individuals who need to be reported as beneficial owners or company applicants should apply for a FinCEN ID number....more
FINCEN’s final rule (RRE Rule), effective December 1, 2025, will require disclosure of the transferor and transferee(s) and the individuals and the beneficial owners of entities involved as transferee in the transfer of...more
9/10/2024
/ Bank Secrecy Act ,
Beneficial Owner ,
Corporate Transparency Act ,
Disclosure Requirements ,
Exemptions ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Real Estate Transfers ,
Reporting Requirements ,
Residential Real Estate Market
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a rule that extends the deadline from 30 days to 90 days for reporting companies created or registered in 2024 to file initial beneficial...more
A far-reaching new federal regulation will for the first time require small business lenders to collect detailed data about applications and originations, and report that data to the Consumer Financial Protection Bureau...more
In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of...more
12/2/2021
/ Banking Sector ,
Banks ,
Breach Notification Rule ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Popular ,
Regulatory Oversight ,
Reporting Requirements