On January 23, 2025, the U.S. Supreme Court granted the government’s motion to lift the nationwide injunction against enforcement of the Corporate Transparency Act (CTA) in Texas Top Cop Shop v. McHenry (formerly, Texas Top...more
1/29/2025
/ Administrative Procedure Act ,
Appeals ,
Beneficial Owner ,
Compliance ,
Constitutional Challenges ,
Corporate Transparency Act ,
FinCEN ,
Injunctive Relief ,
Preliminary Injunctions ,
Reporting Requirements ,
SCOTUS ,
Stays
On December 26, 2024, a three-judge “merits panel” for the U.S. Court of Appeals for the Fifth Circuit vacated the December 23, 2024, order issued by a separate three-judge “motions panel,” which had granted the government’s...more
On December 23, 2024, the United States Court of Appeals for the Fifth Circuit granted the U.S. government’s motion for a stay of a preliminary (nationwide) injunction of the Corporate Transparency Act (“CTA”) pending appeal....more
On December 3, 2024, the United States District Court for the Eastern District of Texas entered a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (“CTA”) and its implementing...more
12/9/2024
/ Corporate Transparency Act ,
Department of Justice (DOJ) ,
Enforcement ,
Financial Crimes ,
FinCEN ,
First Amendment ,
Fourth Amendment ,
Preliminary Injunctions ,
Reporting Requirements ,
Texas ,
Unconstitutional Condition
SEC Chair Gary Gensler announced November 21 that he will leave his post January 20, 2025. The next day, the SEC announced its enforcement results for fiscal year 2024, which ended September 30. This was the latest release of...more
On August 29, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule under the Bank Secrecy Act (“BSA”) requiring certain persons involved in real estate closings and settlements to report and maintain...more
9/12/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Exemptions ,
Final Rules ,
FinCEN ,
Noncompliance ,
Penalties ,
Popular ,
Proposed Rules ,
Real Estate Transfers ,
Recordkeeping Requirements ,
Settlement
On September 4, 2024, the Financial Crimes Enforcement Network (“FinCEN”), U.S. Department of Treasury, published a final rule (the “Final Rule”) expanding the definition of “financial institution” under the Bank Secrecy Act...more
9/10/2024
/ AML/CFT ,
Anti-Money Laundering ,
Anti-Terrorism Financing ,
Asset Management ,
Bank Secrecy Act ,
Compliance ,
Currency Transaction Reports (CTR) ,
Customer Identification Program (CIP) ,
Exempt Reporting Advisers (ERAs) ,
Final Rules ,
FinCEN ,
Investment Adviser ,
Popular ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
Since January 1, 2024, when the Corporate Transparency Act’s (“CTA”) beneficial ownership reporting requirements became effective, a key issue has been whether companies that meet the requirements of a “reporting company” are...more
The SEC and FinCEN Request Comments on their Proposed Rule on Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers -
The Securities and Exchange Commission (“SEC”) and the...more
5/24/2024
/ AML/CFT ,
Bank Secrecy Act ,
Customer Due Diligence (CDD) ,
Customer Identification Program (CIP) ,
Exempt Reporting Advisers (ERAs) ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Notice of Proposed Rulemaking (NOPR) ,
Popular ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)