Grace Kim

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.

Mar 11, 2024 | mondaq.com | Matthew Bisanz |Lawrence Cunningham |Grace Kim

Most legal entities like corporations have officers and directors who, together, run the business. Directors sit on the board of directors and collectively govern and oversee the entity. In contrast, officers generally implement the board's vision and manage the day-to-day operations of the business.

Mar 1, 2024 | mondaq.com | Brad Resnikoff |Gina M. Parlovecchio |Matthew Bisanz |Grace Kim

On February 7, 2024, the US Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued a Notice of Proposed Rulemaking on certain US residential real estate transactions ("2024 NPRM"). The 2024 NPRM would require 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.

Feb 29, 2024 | yalejreg.com | Matthew Bisanz |Lawrence Cunningham |Grace Kim

Most legal entities, like corporations, have officers and directors who, together, run the business. Directors sit on the board of directors and collectively govern and oversee the entity. In contrast, officers generally implement the board’s vision and manage the day-to-day operations of the business. While there is widespread agreement that the roles and responsibilities of officers and directors are distinct from each other, regulators have often merged or confused the concepts.

Dec 27, 2023 | lexology.com | Matthew Bisanz |Brad Resnikoff |Grace Kim

On December 21, 2023, the Financial Crimes Enforcement Network (“FinCEN”) released a final rule to implement the beneficial ownership information (“BOI”) access requirements of the Corporate Transparency Act (“CTA”) (the “Access Rule”).1 The Access Rule addresses how authorized recipients can access and use BOI that will be reported to FinCEN, and how FinCEN and authorized recipients will place protocols on security and confidentiality required by the CTA to protect sensitive personally...