By Aaron Nicodemus2025-03-18T16:56:00
The U.S. Treasury’s effort to dramatically narrow the focus of the Corporate Transparency Act (CTA) through “emergency” rulemaking would gut the law’s anti-money laundering (AML) efforts, a transparency expert said.
In a March 11 letter to U.S. Sens. Sheldon Whitehouse (D-R.I.) and Chuck Grassley (R-Iowa), a Treasury official said the agency would “narrow the scope of the rule” to exclude American businesses.
“Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest,” wrote Jonathan Blum, principal deputy assistant secretary in the Treasury’s Office of Legislative Affairs.
2025-07-08T20:09:00Z By Ian Sherr
Britain’s Financial Conduct Authority has fined the online bank Monzo the equivalent of more than $28 million for failing to properly collect customer information and protect against financial crimes. The move is the latest in a series of efforts by British authorities to combat chronic money laundering and other crimes ...
2025-02-28T19:08:00Z By Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network notified businesses that fail to report or update their beneficial ownership information before the agency’s March 21 deadline will not face fines or penalties. The agency further said it would not enforce the Corporate Transparency Act against U.S. citizens and domestic businesses.
2025-02-20T20:24:00Z By Aaron Nicodemus
Uncertainty continues to swirl around a requirement that small businesses and foreign entities file beneficial ownership information with the U.S. Treasury Department.
2025-06-26T18:40:00Z By Aaron Nicodemus
Three Mexican financial institutions will be barred from transacting with U.S.-based banks after a U.S. Treasury agency determined that the institutions allowed their networks to aid the illegal fentanyl trade of Mexican criminal organizations.
2025-03-11T16:46:00Z By Aaron Nicodemus
Two senators behind the Corporate Transparency Act have demanded that U.S. Treasury Secretary Scott Bessent justify his suspension of one of the law’s anti-money laundering requirements.
2025-03-07T15:42:00Z By Aaron Nicodemus
TD Bank leadership called its response to anti-money laundering program lapses its “top priority” as federal regulators named their choice of a compliance monitor to oversee a top-to-bottom rebuild of its AML program.
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