Brett Wolf

Jul 10, 2024 | thomsonreuters.com | Brett Wolf

FinCen's proposed rule looks to strengthen and modernize the anti-money laundering and countering the financing of terrorism programs used by financial institutions The anti-money laundering unit of the United States Treasury Department recently began a long-delayed rulemaking process to “strengthen and modernize” financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs by issuing a proposal which, among other things, would make risk...

Mar 11, 2024 | thomsonreuters.com | Brett Wolf

A ruling out of an Alabama court saying the CTA is unconstitutional throws the whole question of requiring beneficial ownership information from companies into doubt A U.S. District Court judge in Alabama has ruled that the Corporate Transparency Act (CTA) is unconstitutional, which was enacted as part of the Anti-Money Laundering Act of 2020 and underpins the nascent beneficial ownership reporting regime.

Feb 20, 2024 | thomsonreuters.com | Brett Wolf

As financial institutions struggle to balance their budgets and are asked to do more with less, they must rely on new technology to boost accuracy, effectiveness, and efficiency, while making needed investments in back-end data and front-end technology With financial firms forced to cut anti-financial-crime budgets, artificial intelligence (AI) must clear regulatory hurdles before they can backstop the function, the Association of Certified Anti-Money Laundering Specialists (ACAMS) said in a...

Dec 29, 2023 | thomsonreuters.com | Brett Wolf

Financial institutions and other entities' ability to access the information contained on the beneficial ownership registry was greatly expanded in the government's final rule The U.S. Treasury Department has issued a final rule that outlines which parties will have access to the US beneficial ownership registry.

Oct 19, 2023 | thomsonreuters.com | Brett Wolf

FinCEN plans a vast educational outreach to teach companies how the new beneficial ownership reporting rules will impact them and how they can stay in compliance LAS VEGAS — The U.S. Treasury Department plans to publish videos on YouTube, hold meetings with small business associations, host webinars, and take steps to inform small businesses and other legal entities about their incoming obligation to report their beneficial ownership information, a Treasury official said during a recent...