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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-01-05T17:50:00
The calendar has turned to 2024, meaning many small businesses, private companies, and other entities are now required to file their beneficial ownership information (BOI) with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
The Corporate Transparency Act (CTA), enacted by Congress in 2021, requires reporting companies—both foreign and domestic—that file incorporation paperwork with secretaries of state or tribal authorities to also file BOI with FinCEN. The agency estimated more than 32 million reporting companies will be required to report their BOI to the registry in 2024.
The registry is designed to assist FinCEN and law enforcement in understanding who owns corporations and shell companies to help locate and capture parties responsible for money laundering, financing terrorist groups, and other financial crime.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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.
2024-03-05T18:30:00Z By Aaron Nicodemus
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.
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.
2024-10-22T14:37:00Z By Aaron Nicodemus
The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...
2024-10-17T17:42:00Z By Adrianne Appel
New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence (AI), and new guidance from the New York Department of Financial Services is aimed at helping firms do just that.
2024-10-17T16:22:00Z By Neil Hodge
Concerns about how robustly European member states may enforce the EU AI Act, which took effect on Aug. 1, are divided between if regulators will take a “light touch” approach or a sledgehammer for noncompliance. One thing’s for sure, the pace of AI innovation will make enforcement very difficult.
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