On January 1, 2024, the Corporate Transparency Act (the “CTA”) went into effect and imposed significant new reporting requirements on, among others, many businesses and subsidiary and single-purpose entities owned by trusts...more
Harris Beach is warning business owners of a recent scam involving the Corporate Transparency Act (CTA). The Financial Crimes Enforcement Network (FinCEN) has issued an alert about fraudulent attempts to solicit information...more
11/1/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Final Rules ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
The U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) and Office of Foreign Assets Control (“OFAC”) settled enforcement actions with Washington state-based Bittrex. In the two settlements, Bittrex...more
On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued the first of three final rules implementing the Corporate Transparency Act’s beneficial ownership information (BOI) requirements. The aim of the...more
Recent enforcement actions against banks indicate a new regulator emphasis on digital assets and Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance. Last year, Anchorage Digital Bank (Anchorage)—formerly Anchorage...more
6/20/2022
/ Anti-Discrimination Policies ,
Bank Secrecy Act ,
Blockchain ,
Cease and Desist Orders ,
Compliance ,
Digital Assets ,
Due Diligence ,
Enforcement Actions ,
FDIC ,
FinCEN ,
OCC ,
USAA
With the imposition of sweeping new sanctions on Russia and Belarus following the invasion of Ukraine, federal financial regulators are issuing warnings about efforts to evade these actions. On Monday, March 7, 2022, the...more
3/15/2022
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Belarus ,
Economic Sanctions ,
FDIC ,
Financial Institutions ,
Financial Regulatory Agencies ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Patriot Act ,
Russia ,
SDN List ,
Suspicious Activity Reports (SARs) ,
Ukraine ,
Virtual Currency