On December 3, 2024, the U.S. District Court for the Eastern District of Texas (Sherman Division) issued a preliminary injunction in favor of the plaintiffs in the case of Texas Top Cop Shop, Inc. et al. vs. Garland (U.S....more
12/4/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Constitutional Challenges ,
Corporate Transparency Act ,
Corruption ,
Financial Crimes ,
FinCEN ,
Injunctions ,
National Security ,
Regulatory Requirements ,
Reporting Requirements
In its first step in linking CTA and banking laws, FinCEN recently posted a Notice to Financial Institution Customers regarding reporting beneficial ownership information under the CTA and banking regulations...more
On March 1, 2024, a U.S. District Judge in Alabama issued a judgment holding that the Corporate Transparency Act (CTA) is unconstitutional because it exceeds the Constitution’s limits on Congress’ power. Further, FinCEN is...more
3/4/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Congressional Authority ,
Constitutional Challenges ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
Motion To Enjoin ,
National Security ,
Regulatory Requirements ,
Reporting Requirements ,
U.S. Treasury
The Financial Crimes Enforcement Network (“FinCEN”) recently published updates to its list of Frequently Asked Questions (“FAQs”) to assist entities in complying with the beneficial ownership reporting requirements of the...more
What is the Corporate Transparency Act?
In general terms, the Corporate Transparency Act (the “CTA”) requires reporting to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) of personal...more
A new federal law requires dentist owned business entities to disclose personal information and photographs of persons with ownership and control over their business.
Why this matters for you....more
12/19/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Dentists ,
Financial Crimes ,
FinCEN ,
New Guidance ,
Ownership Interest ,
Regulatory Requirements ,
Reporting Requirements
CTA Denial #6: “If I get caught, I’ll just pay the fine.”
The CTA provides for civil fines of $500 per day, up to $10,000, per violation of the Act. The Act also provides for a criminal penalty of up to two years’...more
CTA Denial #4: “That can’t be constitutional.”
A lone small business advocacy group, National Small Business United (affiliated with the National Small Business Association), has filed suit against the U.S. Department of...more
CTA Denial #3: “My industry’s lobbyists would never allow such a law to get passed.”
Lobbyists had staved off attempts to implement the CTA, and its predecessor bills, for decades....more
11/9/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Corporate Veil ,
Corruption ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
National Security ,
NPRM ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
The U.S. Department of Treasury, on behalf of the Financial Crimes Enforcement Network (“FinCEN”), has invited the public to submit comments on the information to be collected in the beneficial ownership information (“BOI”)...more