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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

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
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