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Jan 6, 2025 | 
mondaq.com | Robert Johnston |Melissa Wiley |Paula Ladd |Samantha Sigelakis-Minski
In a surprise ruling, yesterday the Fifth Circuit Court ofAppeals vacated its own stay of the Eastern District of Texas'Dec. 3 nationwide preliminary injunction enjoining enforcement ofthe Corporate Transparency Act (CTA).1 On Dec. 23, thatDec.
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Sep 26, 2024 | 
mondaq.com | Robert Johnston |Melissa Wiley |Paula Ladd |Ryan Fennell
On September 20, the District Court for the District of Oregon denied a motion for a preliminary injunction enjoining enforcement of the Corporate Transparency Act (CTA) on the basis that the plaintiffs' claim that the CTA was unconstitutional was not likely to prevail.1 This is the first federal court to have addressed the issue of the CTA's constitutionality since the District Court for the Northern District of Alabama held earlier this year that the CTA exceeded Congress' authority and...
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Sep 3, 2024 | 
mondaq.com | Scott Moss |Paula Ladd |Samantha Sigelakis-Minski |Robert Johnston
On August 28, the United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule (the "Final Rule") subjecting certain registered investment advisers (RIAs) and exempt reporting advisers registered with the Securities and Exchange Commission (SEC) (ERAs; collectively with RIAs, Investment Advisers)1 to the anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements of the Bank Secrecy Act and its amendments (BSA).2...
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Sep 3, 2024 | 
mondaq.com | Paula Ladd |Samantha Sigelakis-Minski |Robert Johnston |Ryan Fennell
LS
Lowenstein Sandler
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Lowenstein Sandler is a national law firm with over 350 lawyers working from five offices in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. We represent clients in virtually every sector of the global economy, with particular strength in the areas of technology, life sciences, and investment funds.
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Feb 23, 2024 | 
mondaq.com | Robert Johnston |Paula Ladd |Ryan Fennell |Samantha Sigelakis-Minski
The United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has issued a notice of proposed rulemaking (NPRM) that would subject registered investment advisers (RIAs) and exempt reporting advisers (ERAs; collectively with RIAs, Investment Advisers)1 to the anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements of the Bank Secrecy Act (BSA).2 As discussed in our prior Client Alert,3 FinCEN previously advised that an NPRM...
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Feb 1, 2024 | 
mondaq.com | Robert Johnston |Paula Ladd |Jimmy Kang |Samantha Sigelakis-Minski
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The United States Department of the Treasury (U.S. Treasury)
announced that it aims to publish a proposed rule in early 2024
(the 2024 NPRM) that would subject investment advisers to the
anti-money laundering (AML) requirements of the Bank Secrecy Act
(BSA).1
This is not the first time that lawmakers have attempted to
bring investment advisers into the ambit of the BSA.
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Jan 21, 2024 | 
mondaq.com | Robert Johnston |Melissa Wiley |Paula Ladd |Samantha Sigelakis-Minski
On Dec. 22, New York Governor Kathy Hochul signed the New York
Limited Liability Company Transparency Act (NY LLC Transparency
Act) into law.1 The NY LLC Transparency Act is modeled
on the Corporate Transparency Act (CTA), a federal law aimed at
tackling tax evasion and financial crimes, that took effect Jan. 1.2 We discussed how companies can prepare for the CTA
in a prior Client Alert and explained the CTA Final Rule
and its requirements in a subsequent Client Alert.
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Dec 7, 2023 | 
mondaq.com | Robert Johnston |Melissa Wiley |Paula Ladd |Samantha Sigelakis-Minski
On November 29, 2023, the U.S. Treasury's Financial Crimes
Enforcement Network (FinCEN) issued a final rule (RIN
1506-AB62)1, extending the deadline for companies
created or registered in 2024 to file beneficial owner information
(BOI) reports with FinCEN from 30 calendar days to 90 calendar
days.
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Aug 15, 2023 | 
mondaq.com | Robert Johnston |Paula Ladd |Jimmy Kang |Samantha Sigelakis-Minski
On August 1, a bipartisan bill was introduced to modify the
Corporate Transparency Act (CTA).1 The Protect Small
Businesses and Prevent Illicit Financial Activity Act (H.R.
5119)2 was introduced in the U.S. House of
Representatives by Zachary Nunn, R-Iowa, and Joyce Beatty, D-Ohio,
the senior Democrat on the House Financial Services Subcommittee on
National Security, Illicit Finance and International Financial
Institutions.
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Jul 27, 2023 | 
mondaq.com | Robert Johnston |Scott Moss |Paula Ladd |Jimmy Kang
U.S. hedge funds, private equity funds, and venture capital
funds (collectively, the Private Funds)2 and their U.S.
general partners, sponsors, and managers (Advisers) are not
directly subject to the Bank Secrecy Act of 1970 and its amendments
(BSA), as previously discussed in Lowenstein Sandler's client
alert, "Anti-Money Laundering Best
Practices for Private Fund Managers: The Prudence of Establishing
an AML Compliance Program," dated February 17, 2023.
