- 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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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.
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.
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.
