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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-02-16T13:55:00
The Treasury Department agency enforcing new beneficial ownership information (BOI) reporting requirements for businesses will focus its attention on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.
Andrea Gacki, director of the Financial Crimes Enforcement Network, said Wednesday in testimony before the House Committee on Financial Services that “FinCEN has no interest in hitting small businesses with excessive fines or penalties” regarding BOI reporting.
The Corporate Transparency Act (CTA), which established the beneficial ownership registry and the requirements for limited liability companies to report their BOI to FinCEN, took effect Jan. 1. The CTA does contain provisions to penalize those who willfully violate the law, including fines of $500 for each day the violation continues and criminal penalties of up to two years imprisonment and a fine of up to $10,000, but Gacki said FinCEN is “not seeking to take ‘gotcha’ enforcement actions.”
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2024-03-05T18:30:00Z By Aaron Nicodemus
A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.
2024-02-27T19:01:00Z By Aaron Nicodemus
Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.
2024-02-08T20:09:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network issued a notice of proposed rulemaking that would require the handlers of all-cash residential real estate transactions in all U.S. cities and counties to disclose the beneficial owners.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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