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FinCEN Issues Report on Ransomware Trends in Bank Secrecy Act Data

FinCEN has issued a report on ransomware trends in Bank Secrecy Act data. The report was coordinated with a separate press release from the Treasury Department on its continuing campaign to combat ransomware. The FinCEN Report FinCEN - the Financial Crimes Enforcement Network - analyzed ransomware-related suspicious activity reports (or "SARs") filed during the first

By |2021-10-16T13:48:19+00:00October 16th, 2021|Categories: corporate transparency act, FinCEN, Money laundering|Tags: , , |0 Comments

Pandora Papers Draw Attention to Corporate Transparency Act

The Pandora Papers are drawing attention to the Corporate Transparency Act. Opinion writers in The Washington Post credit the bombshell investigative reporting for underscoring the need to implement this new law. Pandora Papers Writers from the International Consortium of Investigative Journalists last week published thousands of pages of documents.  The trove, known as the Pandora

Pandora Papers Spark Call to Accelerate FinCEN Regulations

Over the weekend, a group of investigative journalists dumped thousands of pages of confidential documents they called the Pandora Papers.  These pages implicate dozens of world leaders in money laundering.  The bombshell Pandora Papers has sparked calls for FinCEN to accelerate the implementation of the Corporate Transparency Act. The Pandora Papers dig into the shell companies

By |2021-10-10T12:40:51+00:00October 5th, 2021|Categories: corporate transparency act, FinCEN, Pandora Papers|Tags: , , |Comments Off on Pandora Papers Spark Call to Accelerate FinCEN Regulations

Pandora Papers Highlight Money Laundering Risks

World leaders and high net worth individuals are responding to a massive document dump over the weekend being called the "Pandora Papers." Several major news organizations published the massive haul of documents on Sunday.  The documents appear to tie world leaders to secret stores of wealth.  The papers name King Abdullah of Jordan, Czech Prime

By |2021-10-08T10:51:22+00:00October 4th, 2021|Categories: corporate transparency act, FinCEN, Money laundering|Tags: , , , |Comments Off on Pandora Papers Highlight Money Laundering Risks

CTA May Impose New Ethical Duties on Attorneys

Some real estate attorneys are questioning whether the Corporate Transparency Act will impose new ethical obligations on attorneys. The Corporate Transparency Act (“CTA”) requires companies to disclose their beneficial ownership through a report filed with FinCEN, the Treasury Department’s Financial Crimes Enforcement Network. The rules of legal ethics, however, compel attorneys not to disclose their

By |2021-10-02T20:03:28+00:00October 2nd, 2021|Categories: corporate transparency act, FinCEN, legal ethics|Tags: , , |Comments Off on CTA May Impose New Ethical Duties on Attorneys

Five Things Your Business Can Do Now to Prepare for the Corporate Transparency Act

The Corporate Transparency Act requires the U.S. Treasury Department's Financial Crimes Enforcement Network - FinCEN - to adopt regulations before the end of the year to implement the law.  FinCEN has not yet released those regulations.  But, there are five things your business can do now to prepare for this new law. 1. Understand What

By |2021-10-02T20:03:28+00:00September 26th, 2021|Categories: corporate transparency act, FinCEN|Tags: , , , , |Comments Off on Five Things Your Business Can Do Now to Prepare for the Corporate Transparency Act

Money Laundering Surges During Pandemic

Reuters is reporting that the United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, in reporting over the weekend. The central bank claimed that illicit actors have increased their use of unlicensed money service providers during the coronavirus crisis.  The central bank

By |2021-10-02T20:03:28+00:00September 20th, 2021|Categories: corporate transparency act, FinCEN, Money laundering|Tags: , , |Comments Off on Money Laundering Surges During Pandemic

FinCEN Enforcement Demonstrates Commitment

FinCEN recently flexed its enforcement muscles by bringing criminal charges against a New Orleans man for failing to register his money transmitting business. Money Transmitting Business The U.S. Treasury Financial Crimes Enforcement Network has jurisdiction under the Bank Secrecy Act to fight money laundering.  Under that authority, FinCEN has adopted regulations that prohibit persons from engaging in a

By |2021-10-02T20:03:28+00:00July 3rd, 2021|Categories: FinCEN, Money laundering|Tags: , , , , |Comments Off on FinCEN Enforcement Demonstrates Commitment

Treasury Department Confirms Commitment to Issue CTA Rules for Year-end Implementation

A Treasury Department official confirmed this week the government's commitment to issue CTA rules by year-end. The Corporate Transparency Act was passed by Congress over President Trump's veto in December, 2020.  In the CTA, Congress set December 31, 2021 as the deadline to implement the new law.  The CTA hopes to create a database of

By |2021-10-02T20:03:28+00:00June 26th, 2021|Categories: Uncategorized|Comments Off on Treasury Department Confirms Commitment to Issue CTA Rules for Year-end Implementation

What the Biggest Law Firms are saying about the Corporate Transparency Act

The biggest law firms are calling their clients' attention to the Corporate Transparency Act of 2020. Sidley & Austin's memorandum to clients identifies many of the key issues that are undefined in the new law. Defining "Other Similar Entities" The 2,000+ lawyer firm suggests that FinCEN will apply FinCEN's "customer due diligence" (CDD) rules to interpret the

By |2021-10-02T20:03:29+00:00June 1st, 2021|Categories: corporate transparency act, FinCEN, Uncategorized|Tags: , , , , |Comments Off on What the Biggest Law Firms are saying about the Corporate Transparency Act
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