To embed, copy and paste the code into your website or blog:
On April 5, 2021, the Financial Crimes Enforcement Network (“FinCEN”) released its advance notice of proposed rulemaking (“ANPRM”) to solicit public comments on questions pertinent to its implementation of the Corporate Transparency Act’s (“CTA”) beneficial owner reporting requirements. As discussed in a previous Energy Law Blog post, the CTA was adopted as part of the 2021 National Defense Authorization Act and requires that certain business entities disclose to FinCEN the identities of their beneficial owners and applicants. The information will then be stored in a secure, private database that may be accessed by, among others, law enforcement agencies for crime prevention and certain financial institutions for customer due diligence purposes. FinCEN has until January 1, 2022, to implement the regulations regarding reporting requirements, although FinCEN is also using this ANPRM to solicit comments on the i
To embed, copy and paste the code into your website or blog:
On New Year’s Day 2021, Congress overrode a presidential veto to pass the Anti-Money Laundering Act of 2020 (AMLA 2020), which amends and modernizes the Bank Secrecy Act (BSA). The AMLA 2020 includes sweeping reforms updating and modernizing U.S. anti-money laundering laws, rules, and regulations. While most of these reforms target financial institutions subject to the BSA, several have broader implications for domestic and international business.
About the Series
This multipart series will highlight key takeaways from the AMLA 2020 with practical implications for our clients, including (1) new and expansive requirements for disclosure of corporate beneficial ownership, which the Financial Crimes Enforcement Network (FinCEN) is now actively working to implement; (2) enhanced incentives for whistleblowers to report money laundering violations; (3) expansion of U.S. subpoena authority over foreign financial institutions
Corruption Prevention Bureau fails to prove ABLV managers involvement in corruption 2021-04-14 LETA/TBT Staff
RIGA - The Corruption Prevention and Combating Bureau (KNAB) has not found evidence of corruption on the part of ABLV Bank s managers, which has been alleged by the U.S. Department of the Treasury s Financial Crimes Enforcement Network (FinCEN), LETA learned.
At the same time, KNAB has not managed to find evidence to corroborate ABLV manager s suspicions that former Bank of Latvia governor Ilmars Rimsevics had deliberately slandered the bank.
KNAB confirmed to LETA that on March 26 the investigator in charge of the case decided to close the criminal probe that had been launched based on the FinCen s report and the supervising prosecutor approved the decision.
The Regulation Process for FinCEN’s New Beneficial Ownership Reporting Requirement Launches - The Financial Crimes Enforcement Network (FinCEN) issued an Advanced Notice.
The Situation: The Securities and Exchange Commission’s Division of Examinations ("EXAMS") released a Risk Alert on March 29, 2021, reminding broker-dealers of their obligation to.