The Corporate Transparency Act (CTA) is a new, federal, legal reporting and compliance regime touching on the ownership and control of covered reporting companies operating in the United States. These reporting companies are...more
A new federal law requires homes associations and neighborhood associations to disclose information about persons with control over the association.
Why this matters for you. From Wall Street to Main Street to your...more
In its first step in linking CTA and banking laws, FinCEN recently posted a Notice to Financial Institution Customers regarding reporting beneficial ownership information under the CTA and banking regulations...more
Entities terminated in 2024 are required to file Corporate Transparency Act beneficial ownership information reports, as are administratively dissolved entities.
The Financial Crimes Enforcement Network (“FinCEN”)...more
From family farms and businesses to established agribusinesses to emerging ag tech companies, a new federal law requires business entities to disclose their owners’ and control persons’ personal information, and for many...more
A federal law requires franchisor and franchisee business entities to disclose personal information and photographs of persons with ownership and control over their business....more
Riding a wave of ownership disclosure laws began with the passage of the federal Corporate Transparency Act (CTA), on December 22, 2023, Governor Hochul signed New York’s own “LLC Transparency Act” (the NY-LLCTA), passed by...more
3/13/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
Limited Liability Company (LLC) ,
Money Laundering ,
New York ,
Real Estate Investments ,
Real Estate Transactions ,
Reporting Requirements
On March 1, 2024, a U.S. District Judge in Alabama issued a judgment holding that the Corporate Transparency Act (CTA) is unconstitutional because it exceeds the Constitution’s limits on Congress’ power. Further, FinCEN is...more
3/4/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Congressional Authority ,
Constitutional Challenges ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
Motion To Enjoin ,
National Security ,
Regulatory Requirements ,
Reporting Requirements ,
U.S. Treasury
The Financial Crimes Enforcement Network (“FinCEN”) recently published updates to its list of Frequently Asked Questions (“FAQs”) to assist entities in complying with the beneficial ownership reporting requirements of the...more
What is the Corporate Transparency Act?
In general terms, the Corporate Transparency Act (the “CTA”) requires reporting to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) of personal...more
A new federal law requires dentist owned business entities to disclose personal information and photographs of persons with ownership and control over their business.
Why this matters for you....more
12/19/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Dentists ,
Financial Crimes ,
FinCEN ,
New Guidance ,
Ownership Interest ,
Regulatory Requirements ,
Reporting Requirements
CTA Denial #6: “If I get caught, I’ll just pay the fine.”
The CTA provides for civil fines of $500 per day, up to $10,000, per violation of the Act. The Act also provides for a criminal penalty of up to two years’...more
A new federal law requires engineering business entities to disclose personal information and photographs of persons with ownership and control over their business. Why this matters for you. From Wall Street to Main Street...more
A new federal law requires real estate broker-owned business entities to disclose personal information and photographs of persons with ownership and control over their business....more
CTA Denial #4: “That can’t be constitutional.”
A lone small business advocacy group, National Small Business United (affiliated with the National Small Business Association), has filed suit against the U.S. Department of...more
CTA Denial #3: “My industry’s lobbyists would never allow such a law to get passed.”
Lobbyists had staved off attempts to implement the CTA, and its predecessor bills, for decades....more
11/9/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Corporate Veil ,
Corruption ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
National Security ,
NPRM ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
A new federal law requires health care business entities to disclose personal information and photographs of persons with ownership and control over their business. The Centers for Medicare & Medicaid (CMS) and other federal...more
11/2/2023
/ Beneficial Owner ,
Business Ownership ,
Centers for Medicare & Medicaid Services (CMS) ,
Corporate Transparency Act ,
Disclosure Requirements ,
Financial Crimes ,
FinCEN ,
Health Care Providers ,
Healthcare ,
Regulatory Requirements ,
Reporting Requirements
CTA Denial #2: “I have a small business. The Corporate Transparency Act only applies to large businesses.”
The CTA’s impact on small businesses is counterintuitive to many business owners, who erroneously believe that...more
CTA Denial #1: “I am a sophisticated business owner, and I have never heard of this.”
The enactment of the CTA in 2021 came as a shock to many (to some, a much later aftershock)....more
A new federal law requires businesses to disclose personal information and photographs of their owners and control persons, including retained fractional executives.
Why this matters for you. From Wall Street to Main...more
The U.S. Department of Treasury, on behalf of the Financial Crimes Enforcement Network (“FinCEN”), has invited the public to submit comments on the information to be collected in the beneficial ownership information (“BOI”)...more
The Financial Crimes Enforcement Network (“FinCEN”) is proposing to amend the beneficial ownership information (“BOI”) reporting rule (the “Reporting Rule”) to extend the filing deadline for certain companies to file their...more
The Public Company Accounting Reform and Investor Protections Act of 2002, commonly known as the “Sarbanes-Oxley Act,” or “SOX” for short, has been in effect for twenty years, and as we celebrate the Act’s platinum...more
With the recent release of the “Pandora Papers,” renewed attention is focused on corporate ownership transparency. Earlier this year, Congress passed the Corporate Transparency Act (“CTA”). The CTA was enacted to combat the...more
10/6/2021
/ Corporate Transparency Act ,
Financial Fraud ,
FinCEN ,
International Consortium of Investigative Journalists (ICIJ) ,
Money Laundering ,
Offshore Companies ,
Offshore Funds ,
Pandora Papers ,
Shell Corporations ,
Tax Evasion ,
Tax Haven ,
White Collar Crimes
Executive Summary -
The U.S. Congress recently passed the Corporate Transparency Act (“CTA”) as part of the 2021 National Defense Authorization Act. The CTA requires certain corporations, limited liability companies and...more
3/17/2021
/ Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Know Your Customers ,
National Security ,
NDAA ,
New Legislation ,
Reporting Requirements ,
Shell Corporations