After years of anticipation, the Corporate Transparency Act (the CTA) officially went into effect on January 1, 2024. Now that we are two months into the CTA era, below are a few updates and recommended action items based on...more
3/8/2024
/ Beneficial Owner ,
Congressional Authority ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Disclosure Requirements ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Lack of Authority ,
Limited Liability Company (LLC)
On November 16, the Financial Crimes Enforcement Network (“FinCEN”) issued – again –expanded FAQs pertaining to beneficial ownership information (“BOI”) reportable under the Corporate Transparency Act (“CTA”). These expanded...more
11/17/2023
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Financial Crimes ,
FinCEN ,
Lenders ,
Mortgage Lenders ,
Popular ,
Proposed Legislation ,
Reporting Requirements
Beginning on January 1, 2024, many U.S. legal entities and foreign entities registered to do business in the U.S. will be required to report information about themselves, their beneficial owners, and their company applicants...more
10/26/2023
/ Acquisitions ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Business Ownership ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Filing Requirements ,
Financial Institutions ,
FinCEN ,
Legal Entities ,
Popular ,
Reporting Requirements ,
Securities Exchange Act of 1934
The Financial Crimes Enforcement Network (“FinCEN”) has published a Small Entity Compliance Guide (the “Guide”) for beneficial ownership information (“BOI”) reporting under the Corporate Transparency Act (“CTA”), as well as...more