Adam S. Fleisher

Apr 10, 2024 | jdsupra.com | Adam S. Fleisher |Joshua Kotin |Christian Lee

On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report examining the growth and privacy risks of financial transactions in online video games and virtual worlds, noting that Americans spent approximately $57 billion on gaming transactions in 2023. The report looks at these assets’ growing use and scale across the gaming industry, the associated consumer risks, and the evolution of games and virtual worlds into online marketplaces.

Mar 8, 2024 | jdsupra.com | Jasmine Banks |Adam S. Fleisher

Last Friday, a federal court in Alabama ruled in National Small Business United v. Yellen that the beneficial ownership information (BOI) reporting requirements established by the Corporate Transparency Act (CTA) are unconstitutional. These CTA provisions, implemented through the BOI reporting rule promulgated by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) in September 2022, just started taking effect on January 1, 2024.

Dec 11, 2023 | jdsupra.com | Jasmine Banks |Adam S. Fleisher

The beneficial ownership information (BOI) reporting rule implementing Section 6403 of the Corporate Transparency Act (CTA) was finalized by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) in September 2022. The BOI rule starts taking effect on January 1, 2024, and, as a general matter, sets a 30-day deadline for covered companies formed after January 1, 2024, to submit required reports.

Sep 25, 2023 | jdsupra.com | Adam S. Fleisher

On September 18, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published its Small Entity Compliance Guide – the agency’s most comprehensive guidance to date on compliance obligations under the beneficial ownership information (BOI) reporting rule. It provides a useful resource in addition to FinCEN’s collection of information regarding BOI reporting for companies seeking a better understanding of their obligations under the new rule.

Apr 11, 2023 | jdsupra.com | Adam S. Fleisher |Obrea Poindexter |Sean Ruff

The US Department of the Treasury has released an Illicit Finance Risk Assessment of Decentralized Finance, which indicates that the Treasury Department sees significant risks associated with decentralized finance (DeFi) services and the potential impact on efforts to combat money laundering and terrorist financing.