New York recently Amended the New York LLC Transparency Act. The original version of the law was enacted December, 2023 and mandated disclosure of beneficial ownership of limited liability companies. Please see our previous...more
In a recent opinion out of the U.S. District Court for the Northern District of Alabama, the newly-effective Corporate Transparency Act (“CTA”) has been found unconstitutional. In National Small Business United v. Janet...more
4/2/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Congressional Authority ,
Constitutional Challenges ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
Real Estate Transactions ,
Regulatory Requirements ,
Reporting Requirements
If you thought you could hide behind your LLC in this new year, think again. Governor Kathy Hochul signed the New York LLC Corporate Transparency Act (the “Act”), which will go into effect in late 2024....more
The Financial Crimes Enforcement Network (“FinCEN”) issued its final rule (“Rule”) to implement reporting requirements for beneficial ownership information on September 30, 2022. The Rule will, among other things, require...more
2/28/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Final Rules ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
National Security ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
In December 2020, as part of the larger National Defense Authorization Act, the Corporate Transparency Act (the “Act”) was enacted. The Act requires that anonymous shell companies, most notably limited liability companies and...more
In December 2020, as part of the larger National Defense Authorization Act, the Corporate Transparency Act (the “Act”) was enacted. The Act requires that anonymous shell companies, most notably limited liability companies and...more
On January 1, 2021, Congress enacted the Anti-Money Laundering Act of 2020 (the “Act”). As part of the National Defense Authorization Act for Fiscal Year 2021, the Act creates a broad range of new anti-money laundering...more
In its latest effort to combat money laundering within the real estate sector, the Financial Crimes Enforcement Network (“FinCEN”) has issued a new Geographic Targeting Order (“GTO”) broadening its scrutiny of shell companies...more
Choice real estate markets such as New York, Miami, Los Angeles, San Francisco, San Diego, and San Antonio may offer enticing amenities like buzzing nightlife or sunny beaches, but thanks to the Financial Crimes Enforcement...more
8/1/2016
/ Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Cash Transactions ,
Customer Due Diligence (CDD) ,
Data Collection ,
Disclosure Requirements ,
FinCEN ,
Geographic Targeting Order ,
Money Laundering ,
Real Estate Investments ,
Real Estate Market ,
Title Insurance