News & Analysis as of

Proposed Regulation Customer Due Diligence (CDD)

Ballard Spahr LLP

Federal District Court Ruling: The CTA is Unconstitutional

Ballard Spahr LLP on

On March 1, Judge Liles C. Burke of the Northern District of Alabama issued a Memorandum Opinion (“Opinion”) and Final Judgment, finding that the Corporate Transparency Act (“CTA”) is unconstitutional....more

Holland & Knight LLP

FinCEN Releases Proposed Regulations for Accessing, Safeguarding Beneficial Owner Information

Holland & Knight LLP on

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued proposed regulations (Proposed Regulations) on Dec. 15, 2022, governing the disclosure, access and safeguarding of beneficial...more

Pillsbury Winthrop Shaw Pittman LLP

Corporate Transparency Act and Proposed Regulations: The Start of Applicability Is Coming upon Us Quickly

AML (Anti Money Laundering) reforms led to the Corporate Transparency Act. On January 1, 2021, Congress enacted the National Defense Authorization Act for Fiscal Year 2021 (the NDAA), after overriding a presidential veto....more

Dorsey & Whitney LLP

FinCEN Proposes Regulations to Implement the BSA’s Revised Legal Entity Requirements

Dorsey & Whitney LLP on

Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on December 8, 2021, the Financial Crimes Enforcement...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK’s Woolard Review Proposes Regulations for BNPL Credit Agreements

On 2 February 2021, the Financial Conduct Authority (the FCA) published a report on the U.K. unsecured credit market (the Woolard Report), which makes several recommendations designed to generate alternatives to high-cost...more

Cozen O'Connor

New FinCEN Proposal Will Extend AML Rules to Currently Exempt Banks and Other Institutions

Cozen O'Connor on

Seeking to close a perceived “gap” in regulations intended to facilitate the government’s efforts to curb money laundering and the financing of terrorism, the U.S. Department of the Treasury’s Financial Crimes Enforcement...more

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