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The Corporate Transparency Act, found within the National Defense Authorization Act, directs the Financial Crimes Enforcement Network to establish and maintain a national registry of beneficial ownership information. The legislation is designed to crack down on the use of shell companies to facilitate the laundering of criminal proceeds, but it remains to be seen how implementation of the new law enforcement tool will affect financial institutions’ customer due diligence requirements.
THE NATIONAL DEFENSE AUTHORIZATION ACT AND THE ANTI-MONEY LAUNDERING ACT OF 2020
The US Senate passed the National Defense Authorization Act (NDAA) for fiscal year 2021 on December 11; it was previously passed by the US House of Representatives. The NDAA now goes to President Donald Trump for his signature. Although President Trump has threatened to veto the NDAA, the House and Senate vote margins were large enough to overcome a veto.
Tuesday, December 15, 2020
On December 11, 2020, and by a veto-proof majority, the US Senate joined the House of Representatives in passing the National Defense Authorization Act for Fiscal Year 2021, which includes the Corporate Transparency Act (the Act). The Act requires a report be filed with the Financial Crimes Enforcement Network (FinCen) that identifies each beneficial owner of an applicant forming a reporting company. While questions remain as to the full implications of the Act, it represents an important step in the right direction for the United States in the battle against money laundering and terrorist financing.
IN DEPTH
On December 11, 2020, the US Senate joined the House of Representatives in passing the National Defense Authorization Act for Fiscal Year 2021 which includes the Corporate Transparency Act with a veto-proof majority of 84 to 13. The Corporate Transparency Act (the Act) requires a report be filed with the Financial Crimes Enforcement Networ
Updated Dec 11, 2020 at 11:34 p.m. UTC
FinCEN Encourages Banks to Share Customer Information With Each Other
A U.S. agency that fights financial crime is encouraging financial institutions, ranging from banks to cryptocurrency exchanges, to share customer information with one another to catch wrongdoers.
The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, issued a fact sheet Thursday spelling out that the 2001 Patriot Act gives institutions wide latitude in what kind of information they are permitted to share.
Overall, the sheet seemingly lowers the obstacles for further sharing of personal customer information among banks, the threshold of what qualifies as “suspicious” activity and whether the entities sharing customer information even need to be financial institutions.
By Aaron Nicodemus2020-12-11T22:01:00+00:00
Tucked into the $740 billion defense spending bill Congress approved Friday are several anti-money laundering (AML) provisions that could dramatically improve law enforcement’s ability to identify and prosecute criminals laundering money through the U.S. banking system.
The “National Defense Authorization Act for Fiscal Year 2021” (H.R.6395) contains a provision (Section 6403) that will require corporations to identify who owns and controls them (i.e., beneficial ownership) to the Financial Crimes Enforcement Network (FinCEN) at the U.S. Treasury. The bill also includes a provision (Section 6314) that creates a new Bank Secrecy Act (BSA) whistleblower program at the Treasury.
Wexton provisions included in defense bill winchesterstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from winchesterstar.com Daily Mail and Mail on Sunday newspapers.