News & Analysis as of September 25, 2024

FinCEN › Insurance Industry

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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 -

The Impact of the Corporate Transparency Act on Companies in a Captive Insurance Structure

Womble Bond Dickinson on 5/30/2024

Captive insurance companies are likely exempt from filing a Beneficial Ownership Information (BOI) Report under the insurance company exemption to the Corporate Transparency Act (CTA). Likewise, companies that are owned by...more

Eight Issues That Will Impact the Hospitality Industry in 2024

ArentFox Schiff on 2/16/2024

After seemingly bouncing back from the challenges posed by the COVID-19 pandemic and related labor, supply chain, and governmental mandate issues, the hospitality industry experienced a year of volatility in 2023, with...more

New for 2024: Compliance with the Corporate Transparency Act Necessary for Many Mintz Clients

Mintz - Securities & Capital Markets... on 2/2/2024

Reporting requirements under the Corporate Transparency Act (CTA) are in effect beginning January 1, 2024. Under the CTA, many US entities will be required to provide the personal information of their beneficial owners to the...more

Corporate Transparency Act

Flaster Greenberg PC on 12/5/2023

PLEASE TAKE NOTE: Beginning on January 1, 2024, the Corporate Transparency Act (“CTA”) goes into effect. The CTA imposes new federal reporting requirements on most organizations formed or doing business in the United States....more

FinCEN Renews and Expands GTO

Ballard Spahr LLP on 10/24/2023

FinCEN announced on October 20 that, once again, it is extending the Geographic Targeting Order, or GTO, which requires U.S. title insurance companies to identify the natural persons behind so-called “shell companies” used in...more

FinCEN Issues Final Rule Establishing Beneficial Ownership Reporting Requirements Under CTA

White and Williams LLP on 7/11/2023

On September 29, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (the Final Rule) establishing beneficial ownership information reporting requirements for non-exempt business...more

FinCen Publishes Final Rule on Beneficial Ownership Requirements - a Critical Step Towards Heightened Transparency in U.S....

Mintz Edge on 10/14/2022

On January 1, 2021, Congress passed the Corporate Transparency Act (“CTA” or the “Act”) to “better enable critical national security, intelligence and law enforcement efforts to counter money laundering, financing of...more

Weekly IRS Roundup October 3 – October 7, 2022

McDermott Will & Emery on 10/11/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 3, 2022 – October 7, 2022...more

FinCEN Issues Final Rule Requiring Private Companies to Report Ownership

Bradley Arant Boult Cummings LLP on 10/4/2022

On September 29, 2022, the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule requiring millions of private companies to report their ownership to the United States...more

Congress Makes Sweeping Changes to Money Laundering Enforcement

Buchalter on 1/5/2021

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

FinCEN demystifies risk-focused Bank Secrecy Act/anti-money laundering supervision

Eversheds Sutherland (US) LLP on 7/29/2019

Last week, the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners issued a joint statement in an effort to increase transparency around risk-focused Bank Secrecy Act/anti-money laundering supervision....more

FinCEN Renews Real Estate GTOs: Expanded Geographic Coverage and Reduced Monetary Thresholds

Ballard Spahr LLP on 11/20/2018

The Financial Crimes Enforcement Network (“FINCEN”) announced on November 15 that it has renewed and revised its Geographic Targeting Orders (“GTOs”) that require U.S. title insurance companies to identify the natural persons...more

West Coast Real Estate Update: March 2017

Holland & Knight LLP on 3/6/2017

Gov. Brown Opposes Measure S - In a statement published less than two weeks before Los Angeles' Consolidated Municipal and Special Elections to be held on March 7, 2017, California Gov. Jerry Brown came out in opposition...more

FinCEN Renewal of GTOs for High-End Cash Buyers in Six Markets

Ballard Spahr LLP on 2/23/2017

FinCEN announced today that it is renewing the existing Geographical Targeting Orders (GTOs) issued in July 2016 that require all title insurance companies to identify and report on the natural persons behind shell companies...more

FinCEN Expands Targeting of High-End Cash Real Estate Transactions

Ballard Spahr LLP on 8/5/2016

FinCEN has announced a major expansion and extension of its geographic targeting orders (GTOs) aimed at high-end cash buyers of real estate. This action reflects FinCEN’s continued efforts to prevent money laundering through...more

Financial Services Weekly News - August 2016

Goodwin on 8/4/2016

Regulatory Developments - FDIC Seeks Comments on Third-Party Lending Guidance - On July 29, the FDIC announced that it is seeking comments on proposed Guidance for Third-Party Lending addressing steps...more

FinCEN Geographic Targeting Order Affects Miami-Dade County Residential Purchases Exceeding $1 Million

Holland & Knight LLP on 1/27/2016

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Jan. 13, 2016, issued a Geographic Targeting Order (GTO or the Order) requiring title insurance companies, subsidiaries and agents (each a...more

From Park Avenue to Ocean Drive, High End Residential Real Estate Transactions Under the Microscope

BakerHostetler on 1/22/2016

The U.S. government’s aggressive push to combat international money laundering is entering a new phase by focusing on real estate investments. On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN), the U.S....more

FinCEN Targets High-Value Real Estate Transactions in New York and Miami

Cadwalader, Wickersham & Taft LLP on 1/20/2016

On January 13, 2016, the Financial Crimes Enforcement Network (“FinCEN”) announced that it had issued a Geographic Targeting Order (“GTO”) which will temporarily require certain title insurance companies to report the...more

FinCEN Issues Geographic Targeting Orders Requiring Identification of High-End Cash Buyers of Real Estate in Manhattan and Miami

Locke Lord LLP on 1/15/2016

On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) that will require, temporarily, certain title insurance companies to identify the natural persons behind...more

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FinCEN › Insurance Industry

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