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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-18T18:49:00
Nearly three months from the effective date of its beneficial ownership reporting rule, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) released guidance for small businesses to determine whether they must comply and what information they might be required to provide.
The resource, published by FinCEN on Monday, is an effort by the agency to reduce concerns among small businesses regarding the rule, which is set to take effect Jan. 1. Reports have indicated the agency might still make changes to reporting requirements following backlash received in response to its finalized rule put forward in September 2022.
The goal for FinCEN is to make compliance for small businesses “as simple as possible,” said FinCEN Director Andrea Gacki in a press release. Reporting costs and time to submit paperwork are two areas where the agency has projected the potential for significant hurdles.
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News and analysis for the well-informed compliance or audit exec.
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2024-01-05T17:50:00Z By Aaron Nicodemus
Many reporting companies are still unsure whether their organization is required to file beneficial ownership information with the Financial Crimes Enforcement Network or are completely unaware of the new requirements. For those with questions, we have answers.
2023-11-30T16:39:00Z By Kyle Brasseur
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.
2023-10-13T13:57:00Z By Aaron Nicodemus
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.
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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