- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-27T20:13:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced a notice of proposed rulemaking to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
The proposal, announced Wednesday, would amend the reporting deadline for such companies to 90 days instead of the 30 days initially proposed. The rulemaking would not affect any other aspects of the rules, which could see changes before the end of the year regarding the reporting form.
The registry is scheduled to go live in 2024.
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The Financial Crimes Enforcement Network finalized a rule to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
A survey of U.S.-based businesses—as well as the law firms and certified public accountants who serve them—uncovered a shocking lack of understanding and preparedness for looming beneficial ownership reporting requirements.
The Securities and Exchange Commission finalized its rule proposal to cut in half the timeline allowed for market participants to file initial beneficial ownership information with the agency.
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.
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.
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.
