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ABA Comments on CTA Regulations

The American Banking Association made three big points in their comment letter to FinCEN on its pending ANPRM to implement the Corporate Transparency Act. U.S. Banks have been tracking the beneficial ownership of their corporate customers for years under the KYC and AML rules. Banks to collect beneficial ownership information regarding their customers and to report cash transactions over $10,000.  The

By |2021-10-02T20:03:29+00:00May 15th, 2021|Categories: corporate transparency act, FinCEN, makes public comments|Tags: , , |Comments Off on ABA Comments on CTA Regulations

How America Became the Money Laundering Capital of the World

Peter Stone, an investigative journalist, claims that America has become of the "money laundering capital of the world."   Stone claims that the U.S. earned this title because it lacks controls over money flows and financial accounts in his recent article in The New Republic. Stone describes some notorious examples, such as the "Russian Laundromat" case.  In

By |2021-10-02T20:03:29+00:00May 8th, 2021|Categories: corporate transparency act, FinCEN, Money laundering, Uncategorized|Comments Off on How America Became the Money Laundering Capital of the World

National Association of Manufacturers Comments on FinCEN ANPRM

The National Association of Manufacturers (NAM) has submitted comments on FinCEN's Advance Notice of Public Rule Making (ANPRM).  The NAM represents 14,000 companies, most of which are small and medium-sized businesses. The ANPRM posed 48 separate questions on the 2020 Corporate Transparency Act (CTA).  Once implemented, the CTA will require roughly 20 million private businesses

By |2021-10-02T20:03:29+00:00May 2nd, 2021|Categories: corporate transparency act, FinCEN, makes public comments, Uncategorized|Tags: , , , |Comments Off on National Association of Manufacturers Comments on FinCEN ANPRM

FinCEN Appoints New Acting Director

On April 11, 2021, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) announced that Michael Mosier would be the Acting Director. FinCEN had also announced the departure of Director Kenneth Blanco.  The change took effect on April 2. As Acting Director, Mosier's will play a key role in shaping FinCEN's regulatory and enforcement agenda in

By |2021-10-02T20:03:29+00:00May 1st, 2021|Categories: corporate transparency act, FinCEN, Michael Mosier, News, Uncategorized|Tags: , , |Comments Off on FinCEN Appoints New Acting Director
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