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Dec 10, 2024 | 
jdsupra.com | Matthew Bisanz |Brad Resnikoff |Kelly F. Truesdale
On December 3, 2024, the US District Court for the Eastern District of Texas entered a preliminary injunction suspending enforcement of the Corporate Transparency Act (CTA) and its implementing regulations nationwide, concluding that the CTA is likely unconstitutional as it is outside Congress’s power.
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Dec 10, 2024 | 
mondaq.com | Matthew Bisanz |Gina M. Parlovecchio |Brad Resnikoff |Kelly F. Truesdale
On December 7, 2024, the US Financial Crimes Enforcement Network (FinCEN) confirmed that reporting companies—i.e., companies that would be required to report their beneficial ownership information to FinCEN under the Corporate Transparency Act (CTA) and its implementing regulations—are not required to file beneficial ownership reports for as long as the current, nationwide injunction of the CTA remains in effect.1 Further, FinCEN noted that reporting companies will have no liability for...
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Dec 5, 2024 | 
mondaq.com | Matthew Bisanz |Brad Resnikoff |Kelly F. Truesdale
On December 3, 2024, the US District Court for the Eastern
District of Texas entered a preliminary injunction suspending
enforcement of the Corporate Transparency Act (CTA) and its
implementing regulations nationwide, concluding that the CTA is
likely unconstitutional as it is outside Congress's power.
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Sep 10, 2024 | 
mondaq.com | Matthew Bisanz |Adam D. Kanter |Brad Resnikoff |Kelly F. Truesdale
On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) finalized a rule establishing anti-money laundering (AML) compliance obligations for certain investment advisers (the "Final Rule").1 FinCEN largely adopted the substance of the proposed rule2 (the "Proposal")—discussed in our previous3 FinCEN has generally applied the BSA's AML compliance obligations only to specific types of financial institutions for which FinCEN has established rules governing the related AML compliance...
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Sep 5, 2024 | 
mondaq.com | Brad Resnikoff |Gina M. Parlovecchio |Matthew Bisanz |Grace Kim
On August 28, 2024, the US Department of the Treasury's
Financial Crimes Enforcement Network (FinCEN) finalized a rule to require reporting of
certain US residential real estate transactions ("Final
Rule"). The Final Rule requires certain professionals involved
in real estate closings and settlements to report information to
FinCEN about non-financed transfers of residential real estate to
legal entities or trusts.
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Jul 16, 2024 | 
mondaq.com | Gina M. Parlovecchio |Brad Resnikoff |Matthew Bisanz
On June 28, 2024, the US Department of Treasury's Financial
Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking ("June 2024
NPRM") to crystalize its long-held expectation that financial
institutions use risk assessments to design their anti-money
laundering and countering the financing of terrorism (AML/CFT)
programs.
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Apr 29, 2024 | 
mondaq.com | Matthew Bisanz |Brad Resnikoff
On April 18, 2024, the Financial Crimes Enforcement Network
("FinCEN") announced its revised implementation schedule
for providing access to the beneficial ownership information
("BOI") reports. The tentative, revised schedule is
notable for including a lengthy delay before any financial
institutions ("FIs") will receive this access. In this
Legal Update, we discuss the implementation schedule
announcement.
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Apr 26, 2024 | 
jdsupra.com | Matthew Bisanz |Brad Resnikoff
On April 18, 2024, the Financial Crimes Enforcement Network (“FinCEN”) announced its revised implementation schedule for providing access to the beneficial ownership information (“BOI”) reports. The tentative, revised schedule is notable for including a lengthy delay before any financial institutions (“FIs”) will receive this access. In this Legal Update, we discuss the implementation schedule announcement.
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Apr 4, 2024 | 
mondaq.com | David L. Beam |Matthew Bisanz |Brad Resnikoff |Kelly F. Truesdale
On March 28, 2024, the US Department of the Treasury's
Financial Crimes Enforcement Network ("FinCEN"), in
consultation with the staffs of the federal banking agencies,
issued a request for information and comment (the
"RFI") regarding industry practices and perspectives with
respect to banks' requirement, under the Customer
Identification Program ("CIP") Rule, to collect a
taxpayer identification number ("TIN") from a customer
prior to opening an account.
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Apr 2, 2024 | 
jdsupra.com | David L. Beam |Matthew Bisanz |Brad Resnikoff
On March 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”), in consultation with the staffs of the federal banking agencies, issued a request for information and comment (the “RFI”) regarding industry practices and perspectives with respect to banks’ requirement, under the Customer Identification Program (“CIP”) Rule, to collect a taxpayer identification number (“TIN”) from a customer prior to opening an account.
