Malka Levitin

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Articles

The Ping-Pong Continues – But CTA Is Still on Hold | JD Supra

2 months ago | jdsupra.com | Erin Carrigan |Marc-Alain Galeazzi |Malka Levitin

On January 23, 2025, the U.S. Supreme Court granted the federal government’s motion to stay the nationwide injunction blocking the Corporate Transparency Act’s (CTA) enforcement, issued by the federal district court of the Eastern District of Texas in Texas Top Cop Shop, Inc. v. McHenry (formerly Texas Top Cop Shop v. Garland et al. (E.D. Tex., No. 4:24-cv-00478)).
FinCEN Asks: Are Your Customers Deepfaking It? | JD Supra

Dec 5, 2024 | jdsupra.com | Marc-Alain Galeazzi |Malka Levitin

Key Takeaways Generative artificial intelligence tools are enabling criminals to falsify identification documents in order to open accounts at financial institutions. The Financial Crimes Enforcement Network has issued a press release and alert to advise financial institutions on how to detect synthetic media. The alert reflects a broader governmental trend to combat fraud and cybercrime.
FinCEN & the SEC: Will the Real RIA and ERA Customers Please Stand Up?

Jul 8, 2024 | lexology.com | Kelley A. Howes |Marc-Alain Galeazzi |Deborah Connor |Malka Levitin |Caroline Sir

On May 13, 2024, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) issued a joint Notice of Proposed Rulemaking (NPRM) that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to implement and maintain a customer identification programs (CIP) to verify the identities of their customers.
Don’t Get Too Excited, but the SEC Approved Bitcoin ETPs | JD Supra

Feb 2, 2024 | jdsupra.com | Michael Birnbaum |Kelley A. Howes |Malka Levitin

On January 9, a hacker posted from the Securities and Exchange Commission’s (SEC) official X account. The post announced that the SEC had officially approved exchange-traded funds (ETFs) to hold spot bitcoin. Within 30 minutes, the post was deleted and the SEC declared a breach. The next day, the SEC made an official announcement to the same effect. Specifically, the SEC approved the listing and trading of 11 exchange-traded products (ETPs) holding spot bitcoin.
The Corporate Transparency Act: Access Rules | JD Supra

Jan 22, 2024 | jdsupra.com | Deborah Connor |Marc-Alain Galeazzi |Malka Levitin

On December 21, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued final rules establishing a framework for accessing, using, and protecting beneficial ownership information (BOI) maintained by FinCEN (the “Access Rule”). This is the second in a series of three rules from FinCEN implementing the Corporate Transparency Act (CTA),[1] which was enacted as part of the Anti-Money Laundering Act of 2020 (AMLA).
Corporate Transparency Act in a Nutshell | JD Supra

Jan 9, 2024 | jdsupra.com | Deborah Connor |Marc-Alain Galeazzi |Malka Levitin

In 2021, Congress passed the Corporate Transparency Act (CTA), which is designed to bring the U.S. into compliance with international anti-money laundering (AML) standards. The CTA is aimed at combatting anonymous shell companies and opaque ownership structures used to facilitate illicit financial activities in the U.S., such as money laundering and terrorist financing.
FinCEN Publishes Final Rule for the Use of FinCEN Identifiers to Report Beneficial Ownership Information of Entities

Nov 13, 2023 | lexology.com | Deborah Connor |Marc-Alain Galeazzi |Malka Levitin

On November 8, 2023, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published a final rule detailing when and how reporting companies can use another entity’s FinCEN identifier in place of reporting information on individual beneficial owners and corporate applicants (the “Final Rule”).
SEC's Redefinition Of 'Exchange' Would Mean More Confusion

Jun 5, 2023 | law360.com | Kelley A. Howes |Malka Levitin

By Kelley Howes, Jeff Silberman and Malka Levitin (June 5, 2023, 6:07 PM EDT) -- On April 14, the U.S. Securities and Exchange Commission reopened the comment period on proposed amendments to Rule 3b-16 under the Securities Exchange Act.[1]... Stay ahead of the curveIn the legal profession, information is the key to success. You have to know what's happening with clients, competitors, practice areas, and industries.
Banking Disruption: Banking Regulators Signal Updates to Supervisory and Regulatory Agendas in Wake of Bank Failures | JD Supra

May 12, 2023 | jdsupra.com | Henry Fields |Malka Levitin |Jiang Liu

On April 28, 2023, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the United States Government Accountability Office (GAO), and the New York Department of Financial Services (NYDFS) released reports related to the failures of Silicon Valley Bank (SVB) and Signature Bank. These reports were issued prior to the sale of First Republic Bank.