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Anti-Money Laundering › Know Your Customers › Reporting Requirements

Dorsey & Whitney LLP

Investment Adviser Compliance with FinCEN’s AML/CFT Rule

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On August 28, 2024, Financial Crimes Enforcement Network (FinCEN) issued a final rule (the “Final Rule”) that imposes comprehensive anti-money laundering and countering the financing of terrorism (“AML/CFT”) requirements on...more

Ankura

Content Creators and the Risks for Money Laundering

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YouTube is a force of nature. If one requires information on how to build a cabin from mud and twigs, there is a video for that. If you want to watch someone clean up crime scenes, there is a whole YouTube channel for that...more

White & Case LLP

The Shadow Financial System

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The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

Ballard Spahr LLP

IRS Unveils Broad Draft Information Reporting Form for Digital Asset Transactions

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On April 18, the Internal Revenue Service (“IRS”) issued a draft version of Form 1099-DA, a proposed information reporting form regarding certain digital asset sales and exchanges that “digital asset brokers” will need to...more

Dickinson Wright

Corporate Transparency Act Compliance Date Is Approaching Quickly

Dickinson Wright on

Although the Corporate Transparency Act (CTA”) was adopted in 2021,  implementation has been delayed while the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”)  established regulations. The deadline,...more

Ankura

Factors to Be Considered by Financial Organizations for an Effective Transactional Monitoring System

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The rising incidence of financial crime continues to haunt financial institutions globally. As per a recent industry report, more SARs (suspicious activity reports) were filed by ~80% of the firms in 2021. COVID-19 pandemic...more

McGlinchey Stafford

Scared Of Your Clients’ Involvement With Cryptocurrency?

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Cryptocurrency, and its most-noted asset Bitcoin, has been breaking into the mainstream press. While most lawyers have heard terms like “blockchain” and probably even know a few people who have been deeply interested in the...more

Polsinelli

Corporate Transparency Act – Your Beneficial Entity Ownership Disclosure Is Now Required

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Executive Summary - The U.S. Congress recently passed the Corporate Transparency Act (“CTA”) as part of the 2021 National Defense Authorization Act. The CTA requires certain corporations, limited liability companies and...more

Miller Canfield

New Corporate Transparency Act Will Impose Beneficial Ownership Reporting Requirements on Many Companies, Particularly Small...

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The Corporate Transparency Act (CTA), part of the 2021 National Defense Authorization Act enacted into law on January 1, 2021, will impose new beneficial ownership reporting requirements on many companies. The stated purposes...more

Winstead PC

A Brave New World: U.S. Implements Company UBO Reporting Regime

Winstead PC on

Effective as of January 1, 2021, Congress enacted - over President Trump's veto - the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (the "NDAA"). As with any U.S. defense bill, the NDAA...more

Levenfeld Pearlstein, LLC

What to Know about the Corporate Transparency Act and Its Reporting Requirements

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In the government’s continuing effort to combat money-laundering, Congress recently passed the Corporate Transparency Act (CTA) to require private companies to disclose their “beneficial owners” to the U.S. Department of the...more

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