News & Analysis as of September 18, 2024

FinCEN › Guidance Update

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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 -

FinCEN Updates CTA FAQs for the First Time in Three Months - Includes Clarity About Reporting Requirements for Beneficial Owners

BCLP on 4/26/2024

On April 18, 2024, the Financial Crimes Enforcement Network (FinCEN) published an updated set of Frequently Asked Questions (FAQs) pertaining to the Beneficial Ownership Information (BOI) Reporting Rule under the Corporate...more

FinCEN Issues Additional Guidance for HOAs and Trusts under the Corporate Transparency Act

Keating Muething & Klekamp PLL on 4/19/2024

On April 18, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued additional FAQs relating to the Corporate Transparency Act (the “CTA”). More specifically, FinCEN provided helpful guidance pertaining to the...more

Updated FinCEN CTA Guidance Impacts Private Equity Funds

Paul Hastings LLP on 1/26/2024

On January 12, 2024, FinCEN updated its interpretations of the Corporate Transparency Act (“CTA”) that potentially will have a significant impact on private equity firms. This alert provides an overview of the CTA and certain...more

Preguntas Frecuentes BOI De FinCEN Actualizadas En Enero De 2024

Foodman CPAs & Advisors on 1/24/2024

El 1/4/24, FinCEN publicó preguntas frecuentes BOI adicionales para incluir nueva información sobre las empresas que reportan, los beneficiarios finales, los solicitantes de empresas, los requisitos de presentación de...more

BOI FAQs From FinCEN Updated January 2024

Foodman CPAs & Advisors on 1/24/2024

On 1/4/24, FinCEN published additional BOI FAQ’s to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated...more

FinCEN “BOI FAQs” Actualizadas Una Vez Más

Foodman CPAs & Advisors on 1/24/2024

El 12/12/23, las FinCEN “BOI FAQs” se actualizaron para incluir veintiuna preguntas nuevas relacionadas con preguntas generales, el proceso de presentación de reportes, las empresas que reportan, los requisitos de...more

FinCEN BOI FAQs Updated Once Again

Foodman CPAs & Advisors on 1/24/2024

On 12/12/23, FinCEN BOI FAQs were updated to include twenty-one new questions related to general questions, the reporting process, reporting companies, reporting requirements, initial reports, updated reports, compliance, and...more

Banking and Consumer Regulatory Digest - November 2023

Davis Wright Tremaine LLP on 10/30/2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Nutter Bank Report: February 2021

Nutter McClennen & Fish LLP on 2/25/2021

HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners - The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture...more

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

Pillsbury Winthrop Shaw Pittman LLP on 1/6/2021

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

FinCEN Clarifies Customer Due Diligence Requirements

BCLP on 8/13/2020

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department recently issued clarifications of requirements for Customer Due Diligence (CDD) under the Customer Due Diligence Requirements for Financial...more

FinCEN Issues New FAQs on CDD Rule

Ballard Spahr LLP on 8/5/2020

On Monday, the Financial Crimes Enforcement Network (FinCEN) issued new Frequently Asked Questions (FAQs) regarding customer due diligence (CDD) requirements for covered financial institutions. The FAQs supplement FinCEN’s...more

Clearing the Air: FinCEN Guidance May Help Banks Find Their Way in the Field of Hemp Financing

Sheppard Mullin Richter & Hampton LLP on 7/20/2020

On June 29, 2020, the Financial Crimes Enforcement Network (FinCEN) published updated guidance intended to “enhance the availability of financial services” for the hemp industry (the Guidance). Even though the Agriculture...more

FinCEN Issues Updated Guidance for Due Diligence of Hemp Businesses

Foley & Lardner LLP on 7/9/2020

The Financial Crimes Enforcement Network (“FinCEN”) recently released guidance for bank and financial institutions regarding the requirements and obligations for financial institutions under the Bank Secrecy Act (BSA) and...more

FinCEN’s Evolving Approach to Lurking Threats in Money Laundering and Terrorist Financing: Director Blanco’s Remarks at NYU Law

Ballard Spahr LLP on 6/21/2019

On June 12, 2019, Kenneth A. Blanco, Director of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”), provided remarks at the NYU Law Program on Corporate Compliance and Enforcement that underscored the agency’s...more

What Game Companies Need to Know About FinCEN’s Updated Guidance on Virtual Currency

Sheppard Mullin Richter & Hampton LLP on 5/14/2019

FinCEN has issued updated guidance addressing the use of crypto currency and other convertible virtual currency (CVC). A portion of this guidance addresses the use of CVC in games. The guidance does not establish any new...more

FinCEN Updates Guidance on Crypto

Sheppard Mullin Richter & Hampton LLP on 5/13/2019

FinCEN has issued 2 new guidance documents addressing cryptocurrency and other convertible virtual currency (CVC). The guidance does not establish any new regulatory expectations. Rather, it consolidates current FinCEN...more

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FinCEN › Guidance Update

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