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FinCEN › Criminal Penalties

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of... more +
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -
King & Spalding

Federal District Court in Alabama Declares CTA Unconstitutional; DOJ Appeals to 11th Circuit; FinCEN Requires Continued Compliance

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On March 1, 2024, a federal judge in the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA and its implementing regulations require that...more

Adams and Reese LLP

CTA Update – Where Do We Stand After Alabama District Court Ruling?

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On March 1, 2024, the Northern District of Alabama Northeastern Division, in National Small Business United v. Yellen, No. 5:22-cv-1448 (N.D. Ala.), ruled the Corporate Transparency Act unconstitutional. However, the holding...more

McNees Wallace & Nurick LLC

CTA Here to Stay? Federal District Court Rules Corporate Transparency Act Unconstitutional

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Although the Corporate Transparency Act (“CTA”) became effective Jan. 1, 2024, in just two short months, its constitutionality was challenged in the U.S. District Court, Northern District of Alabama’s decision issued on March...more

Kohrman Jackson & Krantz LLP

Federal District Court in Alabama Deems Corporate Transparency Act Unconstitutional

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The Corporate Transparency Act (the CTA), which became effective on January 1, 2024, was ruled unconstitutional by the U.S. District Court for the Northern District of Alabama (District Court), in the case styled National...more

Smith Debnam Narron Drake Saintsing & Myers,...

What Small Businesses Need to Know About the Corporate Transparency Act

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If you are operating a small business and have not educated yourself about the Corporate Transparency Act (“CTA”) requirements that became effective on January 1, 2024, now would be a good time to pay attention. Knowing the...more

Harris Beach PLLC

Corporate Transparency Act Takes Effect

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On January 1, 2024, the Corporate Transparency Act (the “CTA”) went into effect and imposed significant new reporting requirements on, among others, many businesses and subsidiary and single-purpose entities owned by trusts...more

Seward & Kissel LLP

The Importance of Sanctions and Export Control Compliance

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The United States manages more than three dozen separate economic and trade sanctions programs. Those programs target specified foreign governments along with thousands of named individuals, groups and entities in accordance...more

Hinshaw & Culbertson LLP

REMINDER: New Federal Corporate Transparency Act Set to Impose Significant New Reporting Requirements and Noncompliance Penalties...

Hinshaw & Culbertson LLP on

As we approach year-end, we wanted to remind you about the upcoming implementation of the Corporate Transparency Act ("CTA"), which is set to take effect on January 1, 2024. The CTA will impose significant new reporting...more

Seward & Kissel LLP

FinCEN Imposes New Reporting Requirements on LLCs and Other Entities

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The Corporate Transparency Act (the “CTA”), a set of new regulations being implemented by the Financial Crimes Enforcement Network (“FinCEN”), requires entities newly formed or registered to do business in the United States...more

Snell & Wilmer

Understanding the New Reporting Obligations Under the Corporate Transparency Act

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With 2024 almost upon us, this means that for millions of companies across the United States, new compliance requirements under the Corporate Transparency Act (“CTA”) are about to take effect. In fact, the Financial Crimes...more

Farella Braun + Martel LLP

Corporate Transparency Act Imposes New Disclosure Obligations on Business Entities Effective January 1, 2024

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If you own an interest of 25% or more in any business entity or have any substantial control over any business entity (including as a manager or senior officer), or if you are responsible for legal compliance for one or more...more

Pillsbury Winthrop Shaw Pittman LLP

The Corporate Transparency Act: Beneficial Ownership Information Reporting Checklist

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The Corporate Transparency Act requires a broad range of entities to file a report with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) identifying those who own, control and formed the...more

Oberheiden P.C.

NFT Lawyer – 5 Things You Must Consider Before Hiring

Oberheiden P.C. on

NFTs, or non-fungible tokens, are digital assets that are sharply rising in popularity. Every day, individuals are launching new NFT projects with similar or new features compared to prior NFT projects. NFTs are attractive to...more

Perkins Coie

The Anti-Money Laundering Act of 2020: A Survey of Key Provisions and Practice Takeaways

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On New Year’s Day 2021, Congress overrode a presidential veto to pass the Anti-Money Laundering Act of 2020 (AMLA 2020), which amends and modernizes the Bank Secrecy Act (BSA). The AMLA 2020 includes sweeping reforms updating...more

Holland & Knight LLP

Key Provisions of the Anti-Money Laundering Act of 2020

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The Anti-Money Laundering Act of 2020 (AMLA 2020) became law on Jan. 2, 2020, when Congress overrode President Donald Trump's veto of the National Defense Authorization Act. AMLA 2020 is the most consequential anti-money...more

Freeman Law

The FBAR (Report of Foreign Bank and Financial Accounts): Everything You Need to Know

Freeman Law on

What is the Report of Foreign Bank and Financial Accounts (FBAR)? Congress enacted the statutory basis for the requirement to report foreign bank and financial accounts in 1970 as part of the “Currency and Foreign...more

Skadden, Arps, Slate, Meagher & Flom LLP

OMB Announces Best Practices for Regulatory Enforcement and Adjudication

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On August 31, 2020, the Office of Information and Regulatory Affairs (OIRA), within the Office of Management and Budget (OMB), issued a memorandum to all executive departments and agencies on reforming regulatory enforcement...more

Rosenberg Martin Greenberg LLP

What are some of the monetary penalties and other consequences of failing to properly report my foreign real estate and other...

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Depending upon how foreign real estate is owned and/or controlled, a number of different tax reporting regimes may be implicated.  Each of these has its own corresponding penalties and generally applies to United States...more

K&L Gates LLP

Are Your Company’s Legal, Due-Diligence, De-risking, or Compliance Obligations Impacted by the “Panama Papers”?

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In an unprecedented event earlier this week, 11.5 million files from the Panamanian law firm Mossack Fonseca were allegedly leaked. Assuming they are genuine, as appears to be the case, these “Panama Papers” offer a...more

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