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Proposed Regulation FinCEN

WilmerHale

FinCEN Re-Proposes AML/CFT Requirements Covering Investment Advisers

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On February 15, 2024, the U.S. Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network (FinCEN) issued a long-anticipated Notice of Proposed Rulemaking (NPRM) to impose comprehensive anti-money laundering...more

Ballard Spahr LLP

Federal District Court Ruling: The CTA is Unconstitutional

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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 Proposal for Nonfinanced Purchases of Residential Real Estate and Gratuitous Transfers

Holland & Knight LLP on

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Feb. 7, 2024, issued a Notice of Proposed Rulemaking (NPRM) proposing a new nationwide reporting obligation to be imposed on settlement...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

WilmerHale

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

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Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

Falcon Rappaport & Berkman LLP

Digital Assets Reporting Requirements Under Section 6050I

On January 16, 2024, the Treasury Department and Internal Revenue Service (“IRS”) announced that the agencies are postponing the implementation of increased reporting requirements for digital asset transactions under the...more

K2 Integrity

FinCEN Proposes New Regulation To Enhance Transparency In Convertible Virtual Currency Mixing And Combat Terrorist Financing

K2 Integrity on

Summary of What Has Happened and What Is Yet to Come - On 19 October 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM), pursuant to...more

Foley Hoag LLP

Corporate Transparency Act Update: FinCEN Proposes Extending CTA Reporting Deadline for Companies First Created/Registered in 2024

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On September 27, 2023, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking (“NPRM”) to extend the deadline — from 30 days to 90 days — for domestic and foreign...more

Whitman Legal Solutions, LLC

FinCEN Proposes Extension of Deadline for New Company Corporate Transparency Act Reporting

Recognizing challenges with CTA compliance, on September 28, 2023, FinCEN recently proposed a rule (Proposed Rule) that would temporarily extend the time allowed for new companies to file reports. The Proposed Rule followed a...more

Holland & Knight LLP

The Corporate Transparency Act: An Update

Holland & Knight LLP on

The Corporate Transparency Act (CTA) will be effective on Jan. 1, 2024. For the first time, the United States now will require certain legal entities to report to the federal government identifying information about the...more

Keating Muething & Klekamp PLL

Corporate Transparency Act Update – FinCEN Issues Notice of Proposed Rulemaking

On December 15, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking (the “NPRM”) that would implement provisions of the Corporate Transparency Act (the “CTA”) regarding access to...more

Holland & Knight LLP

FinCEN Releases Proposed Regulations for Accessing, Safeguarding Beneficial Owner Information

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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

K&L Gates LLP

What Emerging Growth Companies and Investors Need to Know About the Corporate Transparency Act

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In an effort to combat the use of shell corporations, limited liability companies and similar entities to facilitate money laundering and other illicit activities, Congress enacted the Corporate Transparency Act (CTA) as part...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

Flaster Greenberg PC

FinCEN Proposed Regulations to the CTA

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Effective January 1, 2021, Congress passed the Corporate Transparency Act (CTA) which aims to prevent money laundering and other illicit activity by requesting additional, personal information from certain business owners. An...more

Holland & Knight LLP

FinCEN Announces Proposed Regulations for Sharing of Suspicious Activity Reports

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The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) released proposed regulations on Jan. 24, 2022, for implementing a pilot program allowing financial institutions to share suspicious activity...more

Blank Rome LLP

[Webinar] New Corporate Transparency Rules Taking Shape: What Should Businesses Expect? - February 2nd, 12:30 pm - 1:00 pm ET

Blank Rome LLP on

For the first time in decades, Congress in 2021 enacted major reform to anti-money laundering laws. A central piece of this legislation was the Corporate Transparency Act, which promised to increase companies’ obligations to...more

Bilzin Sumberg

Domestic and International Private Clients and their Closely Held Companies: Update on the Corporate Transparency Act

Bilzin Sumberg on

In a blog post early last year,  we reported on the passage of the Corporate Transparency Act (“CTA”) enacted on January 1, 2021, as part of the National Defense Authorization Act for Fiscal Year 2021. As previously...more

Dorsey & Whitney LLP

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

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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

McDermott Will & Emery

FinCEN Seeks Guidance on Applying CTA Reporting Obligations to Trusts and Estates

McDermott Will & Emery on

The Corporate Transparency Act (CTA), which requires corporations, limited liability companies and other similar entities to disclose beneficial ownership information to the US Department of the Treasury’s Financial Crimes...more

Freeman Law

FinCEN Issues Proposed Regulations for Beneficial Ownership Reporting Under the Corporate Transparency Act

Freeman Law on

On December 8, 2021, the Financial Criminal Enforcement Network (FinCEN) published proposed regulations that would implement the Corporate Transparency Act (CTA), which became law as part of the National Defense Authorization...more

Dechert LLP

FinCEN Corporate Transparency Proposed Regulations: Beneficial Ownership Information Reporting Requirements and the Potential...

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On December 7, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposed new regulations (“Proposed Regulations”) defining and implementing the beneficial ownership reporting...more

Stinson - Corporate & Securities Law Blog

FinCEN Proposes Beneficial Ownership Reporting Rules

The Financial Crimes Enforcement Network (FinCEN) has proposed rules to require certain entities to file reports with FinCEN that identify two categories of individuals: The beneficial owners of the entity; and individuals...more

Foley Hoag LLP - Cannabis and the Law

SAFE Has Been Re-introduced with Bipartisan Support

The SAFE Banking Act is back. First introduced in 2019, the Secure and Fair Enforcement Act (“SAFE”) passed in the House but died in the Republican-controlled Senate. Now, the bill has been reintroduced in both the House and...more

White & Case LLP

FinCEN’s proposed regulation of virtual assets

White & Case LLP on

A controversial proposed rule from the Financial Crimes Enforcement Network would bring bank-like regulation of virtual asset transactions, including the first broadly-applied AML reporting requirement in at least two...more

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