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Bank Secrecy Act › Shell Corporations

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
Husch Blackwell LLP

Corporate Transparency Act Guide

Husch Blackwell LLP on

On January 1, 2024, the Corporate Transparency Act (CTA) will go into effect, and if your business is deemed to be a Reporting Company under the CTA, the clock will begin ticking on new federal reporting obligations....more

Foodman CPAs & Advisors

Beneficial Ownership Under FinCEN’s Final Rule

Foodman CPAs & Advisors on

On 9/29/22 FinCEN issued the very anticipated Final Rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA)....more

Hahn Loeser & Parks LLP

The Anti-Money Laundering Act Of 2020: What Businesses Need To Know Now

Hahn Loeser & Parks LLP on

The National Defense Authorization Act for Fiscal Year 2021 (“NDAA”) enacted earlier this year includes several provisions that may impose new reporting requirements on both foreign and domestic businesses. NDAA is an...more

Pillsbury Winthrop Shaw Pittman LLP

Financial Services: What’s Next Under the Biden Administration?

Pillsbury Winthrop Shaw Pittman LLP on

Pillsbury partner and Public Policy group leader Elizabeth Vella Moeller recently sat down with Matthew McGuire, former Executive Director of the World Bank under President Obama, to discuss the Biden administration’s...more

Foley & Lardner LLP

What You Need to Know about the Corporate Transparency Act

Foley & Lardner LLP on

On January 1, 2021, Congress passed the National Defense Authorization Act for Fiscal Year 2021, which includes the Corporate Transparency Act (the CTA).1 The CTA requires all U.S. businesses to file “beneficial ownership”...more

Eversheds Sutherland (US) LLP

Congress passes the Anti-Money Laundering Act of 2020, amending and modernizing the Bank Secrecy Act

Eversheds Sutherland (US) LLP on

On January 1, 2021, the US Senate voted to override President Donald Trump’s veto of H.R. 6395, the National Defense Authorization Act for Fiscal Year 2021 (NDAA). As part of the NDAA, the Anti-Money Laundering Act of 2020...more

Pillsbury Winthrop Shaw Pittman LLP

Legislative Reform Will Reinvent the US Anti-Money Laundering Regulatory Landscape

Pillsbury Winthrop Shaw Pittman LLP on

New federal requirements in the annual national defense budget reauthorization effectively will end anonymous U.S. shell companies by requiring businesses to disclose 25 percent owners and control persons to a newly created...more

Buchalter

Congress Makes Sweeping Changes to Money Laundering Enforcement

Buchalter on

On New Year’s Day 2021, Congress passed—over President Trump’s veto—a defense appropriations law containing the Anti-Money Laundering Act of 2020 (“AML Act”) and the Corporate Transparency Act, as part of a sweeping new set...more

King & Spalding

Disclosure of Corporate Beneficial Ownership May Soon Be Required in the United States

King & Spalding on

If the U.S. House of Representatives has its way, some corporations will soon be required to report information on their beneficial owners to the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). On...more

Foodman CPAs & Advisors

New GTO covers Wire Transfers

Foodman CPAs & Advisors on

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New...more

Foodman CPAs & Advisors

De-Risking 101

Foodman CPAs & Advisors on

Bank Secrecy Act of 1970 - Requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering by keeping records of cash purchases of negotiable instruments, and file reports...more

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