On 9/29/22 FinCEN issued the very anticipated Final Rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA)....more
The Financial Action Task Force (FATF) is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering, terrorist financing and financing of weapons of...more
FinCEN ha estado ocupada en la búsqueda de combatir la corrupción, como lo demuestra la emisión consecutiva de Avisos de Propuesta de Reglamentación (“NPRMs”). El 6/12/21, emitieron el (Proceso regulatorio para los nuevos...more
3/3/2022
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Corruption ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
National Security ,
NPRM ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
FinCEN has been busy in the quest to fight corruption as evidenced by back-to-back issuance of Notices of Proposed Rulemaking (NPRMs). On 12/6/21, they issued the (Regulatory Process for New Real Estate Sector Reporting...more
3/3/2022
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Corruption ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
National Security ,
NPRM ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
The CTA is a recent reporting requirement that is expected to enhance U.S. national security through increasing the difficulty involved for harmful actors to exploit opaque legal structures for laundering money, financing...more
4/26/2021
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Money Laundering ,
Banks ,
Beneficial Owner ,
BSA/AML ,
Comment Period ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
Reporting Requirements ,
Tax Fraud
The Corporate Transparency Act (CTA) is within the AML Act of 2020. It establishes Beneficial Ownership Information Reporting Requirements to facilitate important national security, intelligence, and law enforcement...more
La Ley de Transparencia Corporativa (“Corporate Transparency Act” – “CTA”) se encuentra dentro de la Ley ALD del 2020. Establece requisitos para la presentación de informes de información sobre los titulares reales para...more
Los cambios a la Ley de Secreto Bancario bajo la Ley de Autorización de Defensa Nacional (“NDAA – “National Defense Authorization Act”) contienen requisitos para que las entidades legales cubiertas informen sobre sus...more
3/8/2021
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
NDAA ,
New Legislation ,
Reporting Requirements ,
Shell Corporations ,
Tax Haven
Changes to the Bank Secrecy Act incorporated into the National Defense Authorization Act (NDAA) contain requirements for beneficial ownership disclosure by covered legal entities at the time of their creation for inclusion in...more
3/5/2021
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
NDAA ,
New Legislation ,
Reporting Requirements ,
Shell Corporations ,
Tax Haven
Section 6307 of the Act requires annual Anti-Money Laundering and Countering the Financing of Terrorism training for Examiners. The training is to be done in consultation with FinCEN and all levels of law enforcement,...more
El 2 de diciembre del 2020, la Cámara de Representantes de los EE. UU. aprobó la “Ley de Autorización de Defensa Nacional William M. (Mac) Thornberry para el año fiscal 2021“. La Ley incluye la DIVISIÓN F (ANTI-LAVADO DE...more
On December 2, 2020, the ‘‘William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021’’ was passed by the U.S. House of Representatives. The Act includes DIVISION F (ANTI-MONEY LAUNDERING). This...more
On September 15, 2020, FinCEN issued a Final Rule stating that Banks lacking a Federal Functional Regulator will be required to establish and implement AML programs including policies and procedures, a dedicated compliance...more
11/5/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
BSA/AML ,
CIP ,
Currency Transaction Reports (CTR) ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Policies and Procedures ,
Regulatory Agenda ,
Suspicious Activity Reports (SARs)
The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/CFT threats. ...more
3/13/2020
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Common Reporting Standard (CRS) ,
Corruption ,
Cross-Border Transactions ,
Digital Assets ,
FATCA ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Money Laundering ,
Real Estate Investments ,
Tax Haven ,
Terrorism Funding ,
Terrorist Financing Regulations ,
U.S. Treasury ,
Vulnerability Assessments
On 2/6/2020, the U.S. Department of the Treasury issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy). The purpose of the 2020 Strategy is to...more
2/21/2020
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corruption ,
Cross-Border Transactions ,
Digital Assets ,
Drug Trafficking ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Human Trafficking ,
Money Laundering ,
Organized Crime ,
Real Estate Investments ,
Regulatory Oversight ,
Terrorism Funding ,
Terrorist Financing Regulations ,
Transparency ,
U.S. Treasury ,
Vulnerability Assessments
Form 5472 is an Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. The purpose of Form 5472 is to provide information when “reportable transactions” occur...more
7/1/2019
/ Beneficial Owner ,
Disregarded Entities ,
Financial Transactions ,
Foreign Corporations ,
Foreign Persons ,
Foreign-Owned Corporations ,
IRS ,
Reportable Events ,
Required Forms ,
Tax Cuts and Jobs Act ,
Tax Penalties ,
Tax Planning ,
Tax Reform
An EIN is also known as a Federal Entity Tax Identification Number (EIN) and is used to identify a business entity such as a sole proprietorship, corporation, partnership, estate, trust, and other entities for tax filing and...more
On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S. title insurance companies (Covered Business) to identify the...more
3/25/2019
/ Anti-Money Laundering ,
Beneficial Owner ,
Currency Transaction Reports (CTR) ,
FinCEN ,
Geographic Targeting Order ,
Real Estate Investments ,
Real Estate Transactions ,
Reporting Requirements ,
Residential Real Estate Market ,
Shell Corporations ,
Tax Planning ,
Title Insurance ,
Virtual Currency
The Financial Crimes Enforcement Network (FinCEN) provided the banking industry certain “permanent” relief from collecting beneficial ownership information regarding certain accounts (Covered Products) that automatically...more
A GTO is a Geographic Targeting Order issued by the Financial Crimes Enforcement Network (FinCEN) under the Bank secrecy Act (BSA) for a specific geographic area. ...more
8/22/2018
/ Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Covered Business Method Proceedings ,
Covered Transactions ,
Financial Transactions ,
FinCEN ,
GTO ,
Legal Entities ,
Money Laundering ,
Money Transfer ,
Real Estate Investments ,
Real Estate Market ,
Recordkeeping Requirements ,
Reporting Requirements ,
Tax Planning ,
Threshold Requirements ,
Title Insurance ,
Wire Transfers
There is a Bill (H.R. 6068), originally drafted on November 14, 2017, called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill intended to propose a substantial overhaul to the Bank Secrecy Act (BSA). ...more
7/27/2018
/ Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Financial Crimes ,
Financial Regulatory Reform ,
Legislative Agendas ,
Money Laundering ,
Proposed Legislation ,
Regulatory Requirements ,
Tax Haven
Covered Financial Institutions (CFI) have until May 11, 2018 to implement and comply with the Financial Crimes Enforcement Network (FinCEN) Final Customer Due Diligence Rule (the CDD Rule). The CDD Rule imposes a new...more
There is a new Bill drafted on November 14, 2017 called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill is currently in a committee in the Senate and it proposes a substantial overhaul to the Bank Secrecy Act...more
There seems to be a convergence by the Financial Crimes Enforcement Networks (FinCEN), the Treasury Department and the IRS for determining “who is the UBO” of entities. The U.S. Government is determined to enforce financial...more
1/15/2018
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Filing Requirements ,
Financial Institutions ,
FinCEN ,
Foreign Ownership ,
IRS ,
Reporting Requirements ,
Required Forms ,
Tax Planning ,
U.S. Treasury
On May 2016, FinCEN issued a “Fifth Pillar” of Customer Due Diligence (CDD) calling it the “CDD Rule”, which currently takes effect on May 11, 2018. The CDD Rule applies to Covered Financial Institutions (federally...more