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National Security Anti-Money Laundering

White & Case LLP

FinCEN Issues Final Sweeping AML Requirements for Registered Investment Advisers & ERAs

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On August 28, 2024, FinCEN issued a long-awaited final rule meant to address illicit finance activities and national security threats in the asset management industry. The new rule imposes similar requirements on investment...more

Stinson LLP

The Final Countdown: Major CTA Reporting Deadline Rapidly Approaching

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Barring any unforeseen changes, the Corporate Transparency Act's (CTA) major reporting deadline arrives on January 1, 2025. The CTA requires all existing reporting companies (those entities formed prior to January 1, 2024) to...more

DLA Piper

National Security Risks Headline New AML Requirements for Investment Advisers – and More to Come?

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Last week, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a widely anticipated final rule to police the estimated $125 trillion-plus investment adviser market. The new rule extends...more

K2 Integrity

[Webinar] AML/CFT Rules for Investment Advisers - June 12th, 9:30 am PT

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On 13 February 2024, the Financial Crimes Enforcement Network (FinCEN) issued a groundbreaking Notice of Proposed Rulemaking (NPRM) to combat illicit finance and national security threats in the investment adviser sector. The...more

Robinson & Cole LLP

Corporate Transparency Act: Beware of Filing Scams

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Since the Corporate Transparency Act took effect on January 1, 2024, scammers have seized the opportunity to send notices to owners of recently formed companies offering “filing services.” In response to these scams, FinCEN...more

Cadwalader, Wickersham & Taft LLP

Challenges to the Corporate Transparency Act

The Corporate Transparency Act (the “CTA”), which became effective on January 1, 2024, requires certain domestic and foreign companies doing business in the United States to file a beneficial ownership report with the U.S....more

Cadwalader, Wickersham & Taft LLP

Not So Sweet Home Alabama

In a recent opinion out of the U.S. District Court for the Northern District of Alabama, the newly-effective Corporate Transparency Act (“CTA”) has been found unconstitutional. In National Small Business United v. Janet...more

Hinckley Allen

Federal Court Declares Corporate Transparency Act Unconstitutional: Implications and Recommendations for Businesses

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On March 1, 2024, Judge Liles C. Burke of the Northern District of Alabama, Northeastern Division, ruled in U.S. v. Yellen that the Corporate Transparency Act (the “Act”) is unconstitutional. The federal district court found...more

Pullman & Comley, LLC

Corporate Transparency Act Deemed Unconstitutional in Narrow Alabama District Court Decision

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On March 1, 2024 the United States District Court for the Northern District of Alabama Northeastern Division granted National Small Business United d/b/a the National Small Business Association its motion for summary judgment...more

Cadwalader, Wickersham & Taft LLP

Court Finds Corporate Transparency Act Unconstitutional and Unenforceable as to NSBA Members

On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA requires many U.S. entities to disclose their individual beneficial...more

Kramer Levin Naftalis & Frankel LLP

Les nouvelles obligations américaines de déclaration des bénéficiaires effectifs

Face aux critiques récurrentes de l’opacité des entités américaines et après de multiples projets de réforme inaboutis (dont l’un proposé en 2008 par Barack Obama, alors sénateur, ou un autre ayant fait l’objet du veto du...more

Nossaman LLP

No Exception for the Masses: Update on the Corporate Transparency Act

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As many of you may have seen in the news, on March 1, 2024, a federal district court in Alabama found the Corporate Transparency Act (CTA) unconstitutional. The suit, National Small Business United v. Yellen (National Small...more

Lowndes

Alabama District Court Declares Corporate Transparency Act Unconstitutional

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On March 1, 2024, the United States District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) exceeds the constitutional limits on Congress’s legislative power and is therefore...more

Guidepost Solutions LLC

Emerging Expectations from the Latest Enforcement Actions Over Off-Channel Communications

Since December 2021, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have levied almost $3.0 billion in penalties for longstanding failures by 39 broker-dealers, swap dealers,...more

Bilzin Sumberg

U.S. Transparency Updates

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The United States has started with a bang for 2024 with respect to transparency initiatives. The initiatives affect real estate, financial and business sectors. This alert provides a brief overview of the developments in...more

Holland & Knight LLP

Federal District Court Finds Corporate Transparency Act Unconstitutional

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The National Small Business Association (NSBA) and a small business owner (also a member of the NSBA) filed a lawsuit on Nov. 15, 2022, in the U.S. District Court for the Northern District of Alabama challenging the...more

Wyrick Robbins Yates & Ponton LLP

The Corporate Transparency Act Suffers a Setback (But is Still with Us)

The federal Corporate Transparency Act, or CTA, went into effect on January 1 of this year. In brief, the CTA requires business entities to file information regarding their beneficial owners and persons involved in creating...more

Whiteford

Client Alert: Corporate Transparency Act (CTA) Found Unconstitutional by Federal District Court

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On March 1, 2024, the U.S. District Court for the Northern District of Alabama in National Small Business United et al.  v. Janet Yellen et. al., Case No. 5:22-cv-1448-LCB,  held the Corporate Transparency Act (the “CTA”) to...more

Polsinelli

Challenge to Corporate Transparency Act Prevails – For Now

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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

Ballard Spahr LLP

The American Front in Russia’s War on Ukraine: DOJ’s “Task Force KleptoCapture” Continues Focus on Operations of Sanctioned...

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We previously have blogged on actions taken by the DOJ’s “Task Force KleptoCapture,” an interagency law enforcement task force with a mandate to target sanctioned Russian and pro-Russian oligarchs. While explicitly launched...more

K2 Integrity

Proposed Rule to Impose Anti-Money Laundering Requirements on Investment Advisers

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On 13 February 2024, the Financial Crimes Enforcement Network (FinCEN) issued a groundbreaking Notice of Proposed Rulemaking (NPRM) to combat illicit finance and national security threats in the investment adviser sector. The...more

Jenner & Block

Client Alert: Unfinished Business: Investment Advisers Are Potentially Back on the Hook for Anti-Money-Laundering and...

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In its latest attempt, the U.S. Department of Treasury, Financial Crimes Enforcement Network (“FinCEN”), will require certain investment advisers to implement compliance measures to detect and report suspected money...more

White & Case LLP

FinCEN Again Proposes Sweeping AML Requirements for Registered Investment Advisers & ERAs

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On February 13, 2024, FinCEN proposed a long-awaited rule to combat illicit finance and national security threats in the asset management industry. The new rule would impose similar requirements on investment advisers that...more

Sands Anderson PC

Corporate Transparency Act: A Primer

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This is a basic primer describing the Corporate Transparency Act (“CTA“) which was enacted into federal law on January 1, 2021 as part of the Anti-Money Laundering Act of 2020 and became effective January 1, 2024.  The...more

Polsinelli

FinCEN Publishes Updated FAQs to Assist in Reporting Compliance

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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

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