News & Analysis as of August 3, 2025

Anti-Money Laundering

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

New Deadlines for FINCEN Compliance Issued

Haynsworth Sinkler Boyd, P.A. on 2/24/2025

The Corporate Transparency Act (CTA) introduced substantial new reporting obligations for a wide array of corporate entities. Generally, any domestic entity formed by filing documents with a secretary of state or similar...more

NTA Addresses Overlap Reporting

Foodman CPAs & Advisors on 1/28/2025

On 1/8/25, the National Taxpayer Advocate (NTA) published its 2024 Annual Report to Congress and identified taxpayers’ problems and provided suggestions to further protect taxpayer rights and ease taxpayer burden. “By law,...more

A Foreign Trust Creates Complex IRS Reporting Requirements

Allen Barron, Inc. on 1/23/2025

The IRS has clearly identified legitimate reasons why "U.S. Persons" would establish or maintain ownership in a foreign trust. However, a foreign trust creates complex IRS reporting requirements for US taxpayers who own a...more

Five Developments Family Offices Are Watching in 2025

Morgan Lewis on 12/19/2024

As family offices continue to adapt to economic, financial, and technological changes, several ongoing developments are giving family offices plenty consider heading into 2025, including gift and estate tax exemptions, which...more

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on 2/9/2024

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

Historic Penalties For Cryptocurrency Exchange’s AML-Related Violations

A&O Shearman on 12/14/2023

On November 21, 2023, the Cayman Islands registered cryptocurrency exchange, Binance Holdings Limited (the “Company”), pled guilty to criminal violations related to allegedly failing to register as a money transmitting...more

Investigations Newsletter: Binance to Pay Historic $4 Billion Fine

ArentFox Schiff on 12/4/2023

Binance to Pay Historic $4 Billion Fine - Binance Holdings Limited, the operator of the world’s largest cryptocurrency exchange, agreed to pay $4.3 billion to resolve allegations that it violated the Bank Secrecy Act (BSA)...more

Corporate Transparency Act Imposes New Federal Reporting Requirement On Businesses

Downs Rachlin Martin PLLC on 10/25/2023

Background - In January 2021, the United States Congress passed the Corporate Transparency Act (CTA) as part of the Anti-Money Laundering Act of 2020. This law, while intended to prevent criminal actors from hiding and...more

The U.S. Corporate Transparency Act is Almost Here

Best Best & Krieger LLP on 10/12/2023

This is the second in a two-part series discussing the Corporate Transparency Act (CTA) – new legislation enacted by Congress in January 2021, as part of the Anti-Money Laundering Act of 2020. Read the first part of this...more

Important New Requirement from the IRS for US Businesses

Allen Barron, Inc. on 9/29/2023

There is an important new requirement from the IRS for US businesses based upon a new release from the IRS. Any US business who receives a cash payment exceeding $10,000 is required to file Form 8300 – “Report of Cash...more

Corporate Transparency Act Compliance Date Is Approaching Quickly

Dickinson Wright on 8/10/2023

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

Preparing Your Company for FinCEN’s Beneficial Ownership Reporting Requirements

Lowenstein Sandler LLP on 4/6/2023

On September 29, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements...more

¿Cuándo Son Los Casinos Instituciones Financieras?

Foodman CPAs & Advisors on 1/10/2023

De acuerdo con el IRS y FinCEN, los casinos con licencia para hacer negocios como casinos y que tienen ingresos brutos anuales de juego superiores a $1,000,000 son instituciones financieras sujetas a los requisitos de la Ley...more

When Are Casinos Financial Institutions?

Foodman CPAs & Advisors on 11/23/2022

According to the IRS and FinCEN, Casinos licensed to do business as casinos and which have gross annual gaming revenues in excess of $1,000,000 are Financial Institutions subject to the requirements of the Bank Secrecy Act,...more

Tokenization Lawyer – 5 Reasons Why You Might Need One

Oberheiden P.C. on 5/17/2022

What is Tokenization? Tokenization is the process of converting an asset into a token on the blockchain. It operates by dividing—or fractionalizing—the ownership of an asset (whether the asset is a piece of real estate or...more

DOJ Announces Launch of KleptoCapture Task Force in Response to Russia’s Invasion of Ukraine

Wiley Rein LLP on 3/8/2022

On March 2, 2022, Attorney General Merrick B. Garland announced the launch of a new interagency task force, the KleptoCapture Task Force, focused on enforcing the recent U.S. financial sanctions and other economic...more

Cryptocurrency Regulation and Enforcement at the US Federal and State Levels

Skadden, Arps, Slate, Meagher & Flom LLP on 10/1/2021

In recent months, the increased focus on cryptocurrency regulation and enforcement at both the federal and state levels demonstrates the digital currency’s place as an established component of the financial landscape. At the...more

Agencies and Regulators Focus on AML Compliance for Cryptocurrency Industry

Katten Muchin Rosenman LLP on 8/24/2021

This year, regulators, supported by a slate of new legislation, have focused more of their efforts on AML violations and compliance deficiencies than ever before. As we have written about in the "AML Enforcement Continues to...more

Do FBAR Penalties Survive Death? A Texas Court Says “Yes”

Freeman Law on 8/10/2021

A federal district court in Texas recently took up an interesting FBAR issue: whether civil FBAR penalties survive death? That is, if a taxpayer/account holder dies after the IRS assesses an FBAR penalty against them, do the...more

Upcoming Virtual Currency FBAR and FATCA Reporting Enforcement

Foodman CPAs & Advisors on 7/8/2021

Under current FinCEN regulations, a foreign account holding virtual currency is not reportable on the FBAR. However, FinCEN in its FinCEN Notice 2020-2, proposes amending reports of foreign financial accounts (FBAR)...more

FinCEN’s New Whistleblower Program: Global Implications

King & Spalding on 5/21/2021

Modernizing FinCEN’s Whistleblower Program Under the Anti-Money Laundering Act of 2020 - INTRODUCTION - Reporting on multiple international money-laundering schemes last year brought public focus to the anti-money...more

DOJ Activity on Cryptocurrency: A Six-Month Review

Kelley Drye & Warren LLP on 3/24/2021

The U.S. Department of Justice (“DOJ”) has focused on cryptocurrency in the last six months, while consumer interest hits all-time highs. The cryptocurrency market is not unlike the cannabis market from several years...more

Corporate Transparency Act and Implications for Entity Formation and Transaction Structures

White and Williams LLP on 1/15/2021

As the 116th United States Congress came to a close, in its final hours, and skipping weeks of political drama for purposes of this post, the legislative body took the unprecedented step and overrode a presidential veto for...more

While FinCEN lacks Independent Litigating Authority, it is the Regulator for the BSA and is responsible for the administration of...

Foodman CPAs & Advisors on 11/4/2020

FinCEN issues implementing regulations that “ensure” compliance with the BSA. FinCEN delegates its examination authority to federal agencies. These federal agencies are the “Federal Functional Regulators” who supervise...more

¿Es el FinCEN “Query” la Puerta de Entrada a la Convergencia?

Foodman CPAs & Advisors on 9/4/2020

FinCEN es una oficina del Departamento del Tesoro de los EE. UU. Su propósito principal es proteger el sistema financiero del uso ilícito, combatir el lavado de dinero y promover la seguridad nacional a través de la...more

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