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White & Case LLP

SEC Charges Investment Adviser - Signaling Importance of Accurate Disclosure of AML Procedures

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The U.S. Securities & Exchange Commission ("SEC") recently announced settled charges against an investment adviser for misrepresentations regarding its anti-money laundering ("AML") procedures and compliance failures. As we...more

Snell & Wilmer

Department of Justice Announces Groundbreaking Whistleblower Program in its Ongoing Effort to Incentivize Voluntary Self...

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Department of Justice (DOJ) Deputy Attorney General Lisa Monaco announced that the DOJ is adopting a whistleblower incentive program today at the American Bar Association’s 39th National Institute on White Collar Crime. In...more

McAfee & Taft

Corporate Transparency Act now in effect: What businesses need to know

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Background and Summary - A new federal law, the Corporate Transparency Act (CTA), went into effect on January 1, 2024.  The CTA requires that most entities file Beneficial Ownership Information Reports (BOI Reports) with...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Business Owner Alert: Corporate Transparency Act Requires New Ownership Reporting in 2024 and Beyond

It has been many years in the making, but the effective date of the Corporate Transparency Act (the “CTA”) is finally here. The CTA, enacted in 2021, is designed to prevent money laundering and other unlawful activity...more

Proskauer Rose LLP

Wealth Management Update - December 2023

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Shining a Light on the Corporate Transparency Act: FinCEN’s Rules for Beneficial Ownership Reporting - On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering...more

Flaster Greenberg PC

Corporate Transparency Act

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PLEASE TAKE NOTE: Beginning on January 1, 2024, the Corporate Transparency Act (“CTA”) goes into effect. The CTA imposes new federal reporting requirements on most organizations formed or doing business in the United States....more

Foley & Lardner LLP

What You Need to Know about the Corporate Transparency Act’s Final Rule

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The Final Rule issued under the Corporate Transparency Act (CTA) is, as forecast, a sweeping and significant update to the U.S. anti-money laundering laws, estimated to affect over 32 million entities by requiring new reports...more

Perkins Coie

FinCEN’s Highly Anticipated Beneficial Ownership Reporting Rule Under CTA Effective January 1, 2024

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued its highly anticipated final rule implementing the beneficial ownership information (BOI) reporting requirements of the Corporate...more

The Volkov Law Group

UBS Pays $15 Million for AML Compliance Deficiencies

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UBS Group agreed to pay a combined $15 million penalty to the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”)and the SEC for regulatory deficiencies in its anti-money laundering compliance program. ...more

The Volkov Law Group

Regulators Slap Banks, MSBs and Card Club with AML Violation Penalties

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Financial institutions face enormous pressures with respect to anti-money laundering compliance. These burdens are about to grow with implementation of customer due diligence rules. In 2017, federal and state regulators...more

Goodwin

Financial Services Weekly News - September 2016 #3

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Editor's Note - Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The SEC settled another action this week based on admissions of fact and that the Federal securities laws were filed, this time involving Oppenheimer. The action was based on the fact that the firm permitted an off-shore and...more

The Volkov Law Group

FinCEN Joins The Enforcement Party

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FinCEN’s new Enforcement Division, which was created in June of 2013, is already making its mark in the financial enforcement world. Federal regulators are focusing on compliance with Bank Secrecy Act (“BSA”) and...more

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