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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-03-05T18:30:00
A federal court judge in Alabama ruled a provision in the Corporate Transparency Act (CTA) was beyond Congress’s power, potentially throwing the effectiveness of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) beneficial ownership information (BOI) registry into doubt.
U.S. District Judge Liles Burke of the Northern District of Alabama ruled Friday in the case of the National Small Business Association (NSBA) v. Janet Yellen, arguing the CTA was unconstitutional.
“[E]ven in the pursuit of sensible and praiseworthy ends, Congress sometimes enacts smart laws that violate the Constitution,” Judge Burke wrote. “This case, which concerns the constitutionality of the Corporate Transparency Act, illustrates that principle.”
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News and analysis for the well-informed compliance or audit exec.
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2024-03-26T15:48:00Z By Kyle Brasseur
The United States’s progress on implementing the beneficial ownership information reporting requirements contained within the Corporate Transparency Act earned it praise from the intergovernmental Financial Action Task Force.
2024-02-16T13:55:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network will focus its attention regarding compliance with its new beneficial ownership reporting requirements on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.
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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