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With the third round of lending through the Paycheck Protection Program (“PPP”) in full swing, the Small Business Administration (“SBA”) – administrator of the PPP – has developed new guidance in consultation with the United States Department of the Treasury (“Treasury”).
The February 1, 2021 FAQs specifically address how lenders can meet some of their Bank Secrecy Act (“BSA”) obligations when issuing PPP loans.
As we previously
blogged, the PPP, with its combination of size, scope and the limited time-frame for lenders to process and disburse loans pursuant to it, has created numerous compliance challenges for PPP lenders and presented significant enforcement risks, including future false claims act liability, compliance enforcement, state attorneys’ general investigations and private litigation. At the root of those challenges and concerns is the question of how lenders can meet their anti-
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Respondents say the issuance of national AML priorities and more guidance on SARs and pending regulations would aid AFC/AML compliance teams
Financial institutions welcome plans to regulate firms for anti-money laundering (AML) efficacy but say more input is needed from governmental officials to ensure that their compliance efforts are effective, according to a new global survey of financial crime experts commissioned by ACAMS. The survey, which was launched in partnership with YouGov, found that four out of five of the more than 340 respondents believed that the periodic issuance of AML priorities by a national governmental body would be helpful in shaping an institution s compliance program.
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It didn’t take very long for 2021 to bring about federal legislation that could significantly impact, or at least cause massive administrative headaches for, domestic and international private clients and their holding structures. The Corporate Transparency Act (the Act ) was enacted into federal law on January 1, 2021. With the close of the previous decade – a decade that brought the likes of FATCA, CRS, and other beneficial ownership and transparency laws around the world – it is not surprising that the United States is continuing to build on these global initiatives. This article first provides a brief overview of the Act and then raises some initial considerations and questions for private clients to start thinking about.
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Every small business will be required to identify its beneficial owners to the U.S. Treasury under recently enacted federal legislation intended to crack down on the abuse of shell companies. The purpose of the new law is stop the use of shell companies to launder money by drug dealers, terrorists, corrupt politicians and other malign actors through a database that will allow law enforcement to isolate the real parties behind a shell company.
On January 1, 2021, Congress enacted the Corporate Transparency Act (the CTA) as part of the National Defense Authorization Act for Fiscal Year 2021. Under the CTA, certain companies will be required to disclose personal information regarding their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The legislation states that Congress expects this reporting obligation will help protect vital national security interests, as well as interstate and foreign commerce;
The Corporate Transparency Act (CTA) became a law on January 1, 2021, and it has significant implications for many new and existing United States and foreign business entities. The law.