- 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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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.
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.
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.
Mobile health applications and similar technology must notify customers following a data breach or risk violating the Federal Trade Commission’s Health Breach Notification Rule, under a broad update approved by the agency.
A commissioner at the Commodity Futures Trading Commission is calling for the agency to launch initiatives addressing the use—and misuse—of artificial intelligence tools in commodities markets.
Tens of millions of noncompete clauses included in employee contracts nationwide will be null and void by about Labor Day under a final rule issued by the Federal Trade Commission.
