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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

FinCEN Needs to Define “Substantial Control” in Regulations

In its Advance Notice of Public Rulemaking, FinCEN asked for comment on 48 separate questions arising under the Corporate Transparency Act (the "Act"). FinCEN Report Company has recently submitted written comments on the question of the meaning of "substantial control" in the Act. The Act defines the “beneficial owner” of an entity, subject to certain

By |2021-10-02T20:03:29+00:00April 27th, 2021|Categories: corporate transparency act, FinCEN, makes public comments, Uncategorized|Tags: , , , , |Comments Off on FinCEN Needs to Define “Substantial Control” in Regulations

FinCEN Report Company Submits Comments

FinCEN Report Company, the leading provider of filing services for beneficial ownership reports under the Corporate Transparency Act of 2020 (the "CTA"), has filed comments on the new law. FinCEN stands for the "Financial Crimes Enforcement Network," an agency of the U.S. Treasury Department. The CTA requires private companies in the U.S. to file a

By |2021-10-02T20:03:29+00:00April 24th, 2021|Categories: corporate transparency act, FinCEN|Tags: , |Comments Off on FinCEN Report Company Submits Comments

FinCEN Issues Advanced Notice of Public Rulemaking on CTA Beneficial Ownership Reporting Requirements

FinCEN Issues Advanced Notice of Public Rulemaking on CTA Beneficial Ownership Reporting Requirements FinCEN - the Financial Crimes Enforcement Network - announced on April 1, 2021 its Advanced Notice of Public Rulemaking on the implementation of the beneficial ownership reporting requirements created by the 2020 Corporate Transparency Act. Comments are due by May 5, 2021.

By |2021-10-02T20:03:30+00:00April 10th, 2021|Categories: corporate transparency act, FinCEN|Tags: , , |Comments Off on FinCEN Issues Advanced Notice of Public Rulemaking on CTA Beneficial Ownership Reporting Requirements

FinCEN Director Asks for Input on Corporate Transparency Act Rules

FinCEN Director Kenneth Blanco Asks Industry for Input FinCEN Director Kenneth Blanco in prepared remarks earlier this week spoke about FinCEN's upcoming notice of proposed rule making to adopt regulations under the Corporate Transparency Act of 2020. As described in an earlier post, the 2020 Corporate Transparency Act has been called "the most

By |2021-10-02T20:03:30+00:00March 25th, 2021|Categories: FinCEN, M&A|Tags: , , , , , |Comments Off on FinCEN Director Asks for Input on Corporate Transparency Act Rules
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