News & Analysis as of July 30, 2025

New York

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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 -

The Ironic Impact of FinCEN’s New CTA Regulations on New York’s LLC Transparency Act

Pillsbury Winthrop Shaw Pittman LLP on 5/7/2025

The NYS LLC Transparency Act (the “New York Act”) became law in January 2024 and takes effect on January 1, 2026. When in effect, it would require limited liability companies formed or qualified to do business in New York to...more

NY Office of Cannabis Management Launches Banking Directory to Support Cannabis Businesses

Harris Beach Murtha PLLC on 2/11/2025

The New York State Office of Cannabis Management (“OCM”) recently announced it has created a Cannabis Banking Directory (the “Directory”), which currently lists 10 financial institutions servicing cannabis businesses and open...more

Bit by bit: improving consumer complaint processes in crypto

A&O Shearman on 6/19/2024

On May 30, 2024, the New York State Department of Financial Services ("NYSDFS" or the "Department") issued guidance to all virtual currency businesses licensed or chartered with the Department ("VCEs"), including those...more

New York State’s LLC Transparency Act to Complement the Federal CTA

Ballard Spahr LLP on 3/4/2024

New York State’s LLC Transparency Act, that will come into effect December 21, 2024, complements the Federal Corporate Transparency Act by requiring New York limited liability companies and foreign limited liability companies...more

New York's LLC Transparency Act: Privacy Still Prevails

Venable LLP on 2/21/2024

On December 23, 2024, New York Governor Kathy Hochul signed the LLC Transparency Act (LLCTA) into law, but not without a considerable compromise relative to its original form...more

The Corporate Transparency Act Is Here and the New York LLC Transparency Act Is Coming

Skadden, Arps, Slate, Meagher & Flom LLP on 2/2/2024

The Corporate Transparency Act and its implementing regulations (together CTA) came into effect on January 1, 2024, requiring entities within its scope to disclose information, including about their beneficial owners, to the...more

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