News & Analysis as of

Beneficial Owner Financial Crimes

A&O Shearman

FATF Announce the Launch of New NRA Toolkit for AML/CFT Measures

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The Financial Action Task Force (FATF) has announced the launch of a new National Risk Assessment (NRA) toolkit aimed at enhancing countries' ability to identify and address money laundering risks. The toolkit supports a...more

Ankura

Toothless: How Proposed Changes to the Corporate Transparency Act Diminish its Efficacy

Ankura on

17 Back in 2021, the U.S. Government passed the Corporate Transparency Act (CTA), which was an effort to improve upon the Bank Secrecy Act (BSA) and bolster the nation’s defenses against Money Laundering and Terrorist...more

Baker Botts L.L.P.

Beyond the Fine: What Financial Gatekeepers Must Learn from Interactive Brokers’ OFAC Settlement

Baker Botts L.L.P. on

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has significantly increased its focus on sanctions compliance for “financial gatekeepers,” including financial institutions and other firms...more

The Volkov Law Group

Episode 377 — Refocusing Due Diligence on Cartel and TCOs

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Could your supply chain be funding cartels without you realizing it? In today’s complex global economy, companies are grappling with a dual challenge – the urgent need to unravel their supply chains and the immediate...more

The Volkov Law Group

Episode 377 -- Refocusing Due Diligence on Cartels and TCOs

The Volkov Law Group on

Could your supply chain be funding cartels without you realizing it? In today’s complex global economy, companies are grappling with a dual challenge - the urgent need to unravel their supply chains and the immediate...more

Secretariat

Taking The Right Approach in Asset Searching and Recovery in 2025

Secretariat on

The tension among regulators between the push for increased transparency and the need to protect individual privacy is always apparent in asset searching exercises. This tension is a global phenomenon, central to the ongoing...more

Herbert Smith Freehills Kramer

US Corporate Governance — 2025 Midyear Review

The Financial Crimes Enforcement Network (FinCEN) issued an interim final rule in March 2025 that removes requirements for US companies to report beneficial ownership information under the Corporate Transparency Act (CTA)....more

Lowenstein Sandler LLP

OFAC Imposes Largest-Ever Penalty on Nonbank Financial Institution for Egregious and Sustained Sanctions Violations—a $216M...

Lowenstein Sandler LLP on

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a historic $215,988,868 civil monetary penalty against GVA Capital Ltd. (GVA), a venture-capital firm registered in the Cayman Islands...more

Walkers

Update on the British Virgin Islands and the FATF's list of jurisdictions under increased monitoring

Walkers on

Pending completion of its recommended actions under the BVI Mutual Evaluation Report published by the Caribbean FATF in February 2024, the BVI has been included on the FATF's list of "jurisdictions under increased...more

Orrick, Herrington & Sutcliffe LLP

Senators pen bipartisan letter arguing rescission of Treasury rule

On May 27, Sens. Sheldon Whitehouse (D-RI) and Charles Grassley (R-IA) wrote to the Treasury encouraging recission of the interim final rule requiring “foreign reporting companies,” but not domestic entities or U.S. citizens,...more

WilmerHale

The New German Government’s Agenda on Compliance

WilmerHale on

On May 5, 2025, the Christian Democratic Union of Germany (CDU) and the Christian Social Union (CSU) entered into a coalition agreement (Coalition Agreement) with the Social Democratic Party of Germany (SPD) (together with...more

Walkers

Channel Islands Regulatory Update: April 2025

Walkers on

This update provides an overview of the recent key publications, findings and reports issued during the last quarter....more

K&L Gates LLP

What Legal Services Providers Need to Learn From OFSI's Legal Services Threat Assessment

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In its first-ever threat assessment of the UK legal sector, the UK’s Office of Financial Sanctions Implementation (OFSI) has raised red flags with regards to suspected sanctions breaches involving UK legal services providers...more

Greenberg Glusker LLP

Out with a Whimper: FinCEN Issues Interim Final Rule on Corporate Transparency Act, Narrows BOI Reporting Requirements

Greenberg Glusker LLP on

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced an interim final rule, which was officially published in the Federal Register on March 26, 2025, removing the requirement for U.S. companies and...more

Hogan Lovells

What is the new EU AML regime?

Hogan Lovells on

The Single Rulebook is intended to be a single source of AML/CTF regulation that will be applied uniformly in all member states across the EU. This will be achieved primarily through the new AML Regulation, which will be...more

Hogan Lovells

Changes in Beneficial Ownership rules under the new EU Anti-Money Laundering Regulation (EU) 2024/1624

Hogan Lovells on

The adoption of the EU Anti Money Laundering Regulation (EU) 2024/1624 (the “AML Regulation") marks a significant advancement in the European Union's efforts to combat money laundering and terrorist financing. Effective from...more

Hogan Lovells

Transforming Industries: How the EU's anti-money laundering regulation affects the non-financial sector

Hogan Lovells on

The new EU Anti-Money Laundering Regulation (EU) 2024/1624 (the “AML Regulation”) introduces significant changes to the regulation of non-financial sectors. By including new obliged entities, the EU demonstrates its...more

Epstein Becker & Green

CTA Interim Final Rule Eliminates Requirements for U.S. Companies and U.S. Individuals to File Beneficial Ownership Reports

On March 26, 2025, the Financial Crimes Enforcement Network (FinCEN), in an action that was promised earlier in March, issued an interim final rule (the “Interim Rule”) that removes all requirements for U.S. companies and...more

Holland & Knight LLP

Cambios legislativos en la Ley Federal para la Prevención de Operaciones con Recursos Ilícitos y el Código Penal

Holland & Knight LLP on

Las Comisiones Unidas de Justicia y de Estudios Legislativos presentaron el 1 de abril de 2025, un dictamen en sentido positivo, de la iniciativa con proyecto de decreto por el que se reforman y adicionan diversas...more

Patterson Belknap Webb & Tyler LLP

FinCEN Issues Interim Final Rule Under the Corporate Transparency Act

On March 21, 2025, FinCEN released an interim final rule (the “Interim Final Rule”) that exempts domestic reporting companies and U.S. persons from being required to report beneficial ownership and company applicant...more

Kelley Drye & Warren LLP

FinCEN Exempts Domestic Reporting Companies and Persons from CTA Reporting Requirements

On March 26, 2025, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an interim final rule which narrows the scope of existing beneficial ownership reporting requirements under the...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Financial Crimes Enforcement Network (FinCEN) Removes Beneficial Ownership Reporting Requirements for U.S. Companies...

On March 26, 2025, FinCEN announced that “All entities created in the United States – including those previously known as ‘domestic reporting companies’ – and their beneficial owners are now exempt from the requirement to...more

Vicente LLP

Corporate Transparency Act, We Hardly Knew Ye: What the Interim Final Rule Means for U.S. Businesses

Vicente LLP on

The Corporate Transparency Act (CTA) has undergone a significant shift. The FinCEN recently issued a new Interim Final Rule (IFR), dramatically narrowing the law's reach. As a result, most U.S. companies no longer have...more

Bond Schoeneck & King PLLC

FinCEN Releases New Interim Final Rule

On Friday, March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) adopted an interim final rule that severely narrows the scope of the requirements to report beneficial ownership information (BOI) under the...more

Downs Rachlin Martin PLLC

Corporate Transparency Act – FinCEN Announces Domestic Reporting Companies Exempt From Filing

As promised, in order to reduce the burdens on placed on legitimate businesses, while still working to detect, prevent, and prosecute financial crimes, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN)...more

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