The Corporate Transparency Act (“CTA”), which became law as part of the National Defense Authorization Act in 2021, is aimed at enhancing corporate transparency and combating money laundering and other financial crimes.
Beginning in January, the CTA will require many small businesses to file a beneficial owner report for their companies’ LLC or corporation with the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). Non-compliance with the reporting requirements can result in civil and criminal penalties. The information collected ...
On June 30, 2021, the Financial Crimes Enforcement Network (“FinCEN”), issued the first government-wide Priorities for anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) policy (the “Priorities”). In accordance with the Anti-Money Laundering Act of 2020 (“AMLA 2020”), FinCEN established the Priorities, after consulting with the Attorney General, and various Federal regulators, to assist covered financial institutions, (which include, banks, brokers-dealers, mutual funds, insurance companies, commodities ...
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