Gain insights into the evolving #compliance landscape with SteelEye's 2024 State of Financial Services Compliance Report➡️ https://lnkd.in/e6ib7FGb #financialservices #compliance

The only constant is change… The Corporate Transparency Act (CTA) is a prime example, ushering in a new era of business transparency and accountability. It requires companies in the US to report information about the individuals who ultimately control or own them. Implemented by the Financial Crimes Enforcement Network (FinCEN), the CTA affects a whopping 32 million entities, requiring them to disclose their beneficial ownership. The goal here is to provide law enforcement with the tools they need to combat terrorism, money laundering, and other illicit activities through businesses. For accounting professionals, the CTA presents both challenges and opportunities. Some are worried about the program not being IRS-driven, the increased reporting demands, and the potential burdens it may place on businesses. Navigating these complex compliance procedures and ensuring clients comply with the law can be a real challenge. On the flip side, some see the CTA as a chance to step up their game, offering better services and building stronger relationships with clients. What’s your take on the CTA?

Compliance is a process, not a one-time event. It requires ongoing effort and vigilance to ensure policies and procedures are up-to-date and all applicable laws are followed. We are here to help AskDegree #Compliance #BusinessProcesses #FinTechNews

The Corporate Transparency Act is here! Confused about who needs to report beneficial ownership and by when? Click on the link to learn more: https://lnkd.in/esdUhDM5 . . . #CTABeneficialOwnership #FinCEN #Compliance #CorporateTransparencyAct #BeneficialOwnership #RegulatoryCompliance #BusinessReporting #FinancialTransparency #AttorneyBlog

It is important for regulators to identify ownership of shell companies that can potentially be used for AML purposes and therefore increasing AML risk. This allows transparent monitoring of potentially suspicious transactions and cash flows within the shell entities. https://lnkd.in/ghNJ8De4

Compliance just got a little more interesting with these regulatory updates! From new guidelines impacting financial institutions to evolving reporting requirements, there’s a lot happening in the world of compliance. #Compliance #RegulatoryRadar #RegTech #FinancialRegulation #RiskManagement #AML #KYC #DataPrivacy #PolicyUpdate #FinancialCrime #DueDiligence

Happy National Compliance Officer Day! We're in awe of the outstanding work that you do every day to help your firms succeed and keep the financial markets safe. Check out our list of the many reasons why Compliance Officers should be celebrated! https://hubs.ly/Q02R2X8l0 🎉🎉🎉 #Compliance #NationalComplianceOfficerDay #CCO #ChiefComplianceOfficer #ComplianceSoftware #ThankYou!

Have you complied? It's imperative for all businesses to prioritize compliance with the reporting requirements of the Corporate Transparency Act. This landmark legislation aims to enhance transparency in corporate structures by requiring companies to disclose their beneficial owners. By shining a light on ownership, the Act seeks to combat financial crimes such as money laundering, tax evasion, and terrorist financing. Compliance isn't just about meeting legal requirements—it's about upholding integrity and fostering trust in business practices. Embracing transparency not only strengthens corporate governance but also promotes a fairer and more accountable business environment for all stakeholders involved. Let's proactively navigate these changes to build a stronger, more resilient business landscape together. Compliance with the Corporate Transparency Act isn't just necessary; it's a crucial step towards creating a level playing field and upholding ethical standards in all industries. #CorporateTransparency #ComplianceMatters #BusinessEthics #Transparency #CorporateGovernance

Compliance is never to be taken lightly....

📢 Understanding the Corporate Transparency Act (CTA): What You Need to Know! The Corporate Transparency Act (CTA) is a groundbreaking law designed to fight illicit finance and promote transparency in business ownership. Starting in 2024, most U.S. corporations, LLCs, and other entities will be required to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This means: ✅ Identifying the individuals who own or control companies. ✅ Preventing anonymous shell companies used for illegal activities. ✅ Enhancing national security and protecting the financial system. 💡 Need help navigating these requirements? 📌 Kamran Mashayekh is a leading expert on the Corporate Transparency Act. Whether you need a speaker for an event or guidance to ensure your compliance, Kamran is your go-to resource. 📩 Contact him today for consultations or speaking engagements to stay ahead of these critical changes! angelaparkerva@gmail.com 281-935-2897 #CorporateTransparencyAct #LegalExpert #KeynoteSpeaker #CorporateCompliance #CTA