In a bombshell release issued on Feb. 27, 2025, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced that it will not impose any fines or penalties or take any other enforcement...more
In a continuing series of dizzying judicial actions, the U.S. Court of Appeals for the Fifth Circuit on Dec. 26, 2024, vacated the stay and reinstated the nationwide preliminary injunction enjoining enforcement of the...more
12/30/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reinstatement ,
Reporting Requirements ,
Stays ,
Time Extensions ,
Vacated
The Corporate Transparency Act (CTA) is the gift that keeps giving. As affected entities and their advisers struggle to determine whether they are subject to the beneficial ownership information (BOI) reporting provisions of...more
4/30/2024
/ Beneficial Owner ,
Constitutional Challenges ,
Corporate Counsel ,
Corporate Entities ,
Corporate Governance ,
Corporate Transparency Act ,
Criminal Code ,
Department of Justice (DOJ) ,
Fifth Amendment ,
FinCEN ,
Fourth Amendment ,
Homeowners Association (HOA) ,
Penalties ,
Proposed Legislation ,
Reporting Requirements ,
Small Business ,
Trusts ,
U.S. Treasury
The National Small Business Association (NSBA) and a small business owner (also a member of the NSBA) filed a lawsuit on Nov. 15, 2022, in the U.S. District Court for the Northern District of Alabama challenging the...more
3/6/2024
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Beneficial Owner ,
Commerce Clause ,
Congressional Authority ,
Constitutional Challenges ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
Foreign Relations ,
Legal History ,
National Security ,
Reporting Requirements ,
Small Business ,
Summary Judgment ,
Taxing Power
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued proposed regulations (Proposed Regulations) on Dec. 15, 2022, governing the disclosure, access and safeguarding of beneficial...more
12/23/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Data Collection ,
FinCEN ,
Intelligence Services ,
Law Enforcement ,
Legislative History ,
National Intelligence Agencies ,
National Security ,
Proposed Regulation ,
Shell Corporations
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule on Sept. 29, 2022, implementing the beneficial ownership information (BOI) reporting requirement of the Corporate...more
10/7/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Officers ,
Directors ,
Domestic Corporations ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Foreign Corporations ,
Reporting Requirements ,
Securities Exchange Act ,
U.S. Treasury
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) released proposed regulations on Dec. 7, 2021, seeking to implement the "beneficial ownership information" (BOI) requirement of the Corporate...more
12/15/2021
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Commodity Exchange Act (CEA) ,
Corporate Transparency Act ,
Disclosure Requirements ,
FinCEN ,
NPRM ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
The Anti-Money Laundering Act of 2020 (AMLA 2020) became law on Jan. 2, 2020, when Congress overrode President Donald Trump's veto of the National Defense Authorization Act. AMLA 2020 is the most consequential anti-money...more
1/14/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Congressional Override ,
Criminal Penalties ,
Customer Due Diligence (CDD) ,
Financial Institutions ,
FinCEN ,
Foreign Banks ,
Mutual Legal Assistance Treaties (MLAT) ,
NDAA ,
Presidential Veto ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers