On Feb. 7, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (NPRM)1 in response to illicit finance risks identified.
As part of your estate planning or for other purposes (e.g., for privacy reasons regarding ownership of a residence), you may have created one or more limited liability companies.
The beneficial ownership information (BOI) reporting rule implementing Section 6403 of the Corporate Transparency Act (CTA) was finalized by the US Department of the Treasury's Financial Crimes.
On January 1, 2021, Congress enacted the Corporate Transparency Act (the "CTA") as part of the Anti-Money Laundering Act of 2020 in the National Defense Authorization Act for Fiscal Year 2021.
Financial institutions have long asked how—and to what extent—they need to comply with export controls, and recently, the U.S. Department of the Treasury's Financial Crimes Enforcement Network.