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🚨 Attention! The Corporate Transparency Act (CTA) is now in effect, adding a new compliance task to your list. 📝 Enacted to combat money laundering and illicit activities, the CTA introduces reporting requirements for millions of businesses. A federal database will be established, and accessible to authorities. To make sure you understand the rules and comply to avoid penalties, visit https://bit.ly/4acJmVx to read our blog.

Key Insights into the Corporate Transparency Act https://lnkd.in/g5Ysc_uf • Federal Reporting Requirements: The CTA mandates specific U.S. entities to report their beneficial ownership details to FinCEN to combat illicit activities facilitated by anonymous companies. • Exemptions and Compliance: It outlines exemptions (e.g., publicly traded companies) and prescribes penalties for non-compliance, including fines and imprisonment. • Protected Access to Data: Access to reported beneficial ownership information is restricted to law enforcement and financial institutions under stringent conditions, ensuring data privacy and security. Continue reading: https://lnkd.in/g5Ysc_uf #CorporateTransparencyAct #CTACompliance #BeneficialOwnership #FinancialCrimesPrevention #AntiMoneyLaundering #ReportingCompanies #FinCENReporting #CorporateTransparency #ComplianceRequirements #OwnershipDisclosure #LegalCompliance #FinancialRegulation #AntiTerroristFinancing #ShellCompanyReform #BusinessEthics #FinancialIntegrity #CorporateAccountability #TransparencyInBusiness #PenaltiesForNonCompliance #ProtectingFinancialSystems #FinCEN #BOIR #CTA

Recently, in the business and general news, there has been reference to the implications of the Corporate Transparency Act and a new fangled thing called Beneficial Ownership Reporting. CTA and BOI if you prefer live in the world of acronyms. 𝗨𝗽𝘀𝗵𝗼𝘁: BOI reports for existing companies will be due by January 1, 2025 (so a YEAR from now) 𝗢𝘁𝗵𝗲𝗿 𝗼𝗯𝘀𝗲𝗿𝘃𝗮𝘁𝗶𝗼𝗻𝘀/𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝘁𝗵𝗮𝘁 𝘀𝗲𝗲𝗺 𝗻𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗼 𝗺𝗲: 👉New businesses will have 90 days from formation 👉There are no FORMS in existence 👉The BOI report will be submitted to the "Financial Crimes Enforcement Network" (FINCEN) 👉Report is considered a way to combat money laundering 👉Legislation is currently in the House seeking to delay the requirement 👉Details, including privacy protections, mechanics of filing, whether this is a legal or a CPA type filing and more are still being flushed out 👉Penalties for noncompliance will be stiff 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀: http://www.fincen.gov/boi https://lnkd.in/g6ka-DUt https://lnkd.in/dRwPufDR https://lnkd.in/dPE6jBgS

Recently, in the business and general news, there has been reference to the implications of the Corporate Transparency Act and a new fangled thing called Beneficial Ownership Reporting. CTA and BOI if you prefer live in the world of acronyms. 𝗨𝗽𝘀𝗵𝗼𝘁: BOI reports for existing companies will be due by January 1, 2025 (so a YEAR from now) 𝗢𝘁𝗵𝗲𝗿 𝗼𝗯𝘀𝗲𝗿𝘃𝗮𝘁𝗶𝗼𝗻𝘀/𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝘁𝗵𝗮𝘁 𝘀𝗲𝗲𝗺 𝗻𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗼 𝗺𝗲: 👉New businesses will have 90 days from formation 👉There are no FORMS in existence 👉The BOI report will be submitted to the "Financial Crimes Enforcement Network" (FINCEN) 👉Report is considered a way to combat money laundering 👉Legislation is currently in the House seeking to delay the requirement 👉Details, including privacy protections, mechanics of filing, whether this is a legal or a CPA type filing and more are still being flushed out 👉Penalties for noncompliance will be stiff 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀: http://www.fincen.gov/boi https://lnkd.in/dZCdnApS https://lnkd.in/dH4Qd7GM https://lnkd.in/di86YSsA

Is the latest Financial Conduct Authority move another hint it really, really wants firms to up their compliance monitoring? In a step change to the current process the FCA will be more transparent when an enforcement investigation is opened. Therese Chambers has stressed firms are on the front line and should have an operational set up to maintain a robust compliance environment., The consultation is open, so what say you? https://lnkd.in/eng8abJC

Why is reporting beneficial owners so crucial for small businesses?    Corporate anonymity allows criminals to exploit the U.S. financial system, but the Corporate Transparency Act (CTA) is changing that. By requiring businesses to disclose their real owners, the CTA helps law enforcement fight illicit activity.    Join our webinar ""BOI 101: Everything You Need to Know About the New CTA” on July 16th at 12PM CDT to learn more about your reporting obligations under the CTA, the importance of transparency, and how to stay compliant. Don't wait until the deadline—prepare now!    🗓️ Register today to protect your business and support our national security: https://zurl.co/9EQl    Interest in our CTA Compliance services? Book an appointment today: https://lnkd.in/g2vwXMPn    #CorporateTransparency #BusinessCompliance #Webinar #BOIReporting #RegisterNow #FinCEN #CTA 

As financial regulations continue to evolve, staying informed and compliance is crucial. Our Chief Compliance Officer, Kacie Wick, has written an update on the new Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act. This new regulation aims to enhance financial transparency and combat illicit activities such as money laundering. In this article, Kacie explains how this reporting impacts individuals, particularly those involved with legal entities, and the steps companies need to take to stay compliant. For more details, visit https://lnkd.in/eKTEAFc8. #Compliance #CorporateTransparency #ShakerInvestments #BeneficialOwnershipInformation #ShakerArticle

The Corporate Transparency Act (CTA), effective since January 1st, 2024, is reshaping the landscape for U.S. businesses. It mandates reporting of beneficial ownership info to combat financial crimes. With significant penalties for non-compliance, understanding your responsibilities is crucial. Contact a member of the #RomanoLaw team to learn more and ensure compliance. #CorporateTransparency #BeneficialOwnership #FinancialCompliance #BusinessLaw

Financial Conduct Authority last week (Nov 25 - Nov 29, 2024) issued warnings against 38 new companies that are soliciting customers in the UK jurisdiction without any licenses or are clones of authorized platforms. #FCAWarning #FinancialRegulation #UnauthorizedFirms #ClonePlatforms #ForexFraud #Compliance #InvestorProtection #TradingSafety #FinancialNews #MarketAlert

𝗖𝗼𝗻𝘁𝗲𝗻𝘁𝗶𝗼𝘂𝘀 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗦𝗵𝗼𝗿𝘁𝘀 #6 𝘍𝘊𝘈 𝘢𝘪𝘮𝘴 𝘵𝘰 𝘳𝘦𝘥𝘶𝘤𝘦 𝘱𝘳𝘰𝘱𝘰𝘳𝘵𝘪𝘰𝘯 𝘰𝘧 𝘦𝘯𝘧𝘰𝘳𝘤𝘦𝘮𝘦𝘯𝘵 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘨𝘢𝘵𝘪𝘰𝘯𝘴 𝘸𝘩𝘪𝘤𝘩 𝘳𝘦𝘴𝘶𝘭𝘵 𝘪𝘯 𝘯𝘰 𝘢𝘤𝘵𝘪𝘰𝘯 𝘣𝘦𝘪𝘯𝘨 𝘵𝘢𝘬𝘦𝘯 But why? That is the question that sprung to mind when watching Nikhil Rathi tell the House of Lords Financial Services Regulation Committee on Wednesday that the FCA has to bring down the proportion of enforcement cases that end with no action being taken. Historically two thirds of enforcement investigations have resulted in no action being taken. Recently, that has dropped to just over half. The aim is to get to one third. No rationale was put forward as to why this would be an inherently good thing. It was acknowledged that it would be wrong to aim for zero as the FCA must be free to take on complex cases. However, there was no explanation as to why this was the correct metric to be judging things by (spoiler alert - it’s not) or what is so magical about the one third proportion (spoiler alert – nothing). These comments are the continuation of a worrying trend of the FCA seemingly seeking to judge how well a process is working by focusing on what regulatory outcomes it produces, rather than whether those outcomes are the right ones. *********** Link to the House of Lords Financial Services Regulation Committee session - https://shorturl.at/PIFKy 𝘏𝘢𝘵𝘵𝘪𝘱 𝘵𝘰 Adam Jamieson 𝘸𝘩𝘰 𝘱𝘳𝘰𝘮𝘱𝘵𝘦𝘥 𝘮𝘦 𝘵𝘰 𝘸𝘢𝘵𝘤𝘩 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦 𝘴𝘦𝘴𝘴𝘪𝘰𝘯