Empire Central Financial’s Post

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 

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

In January of 2024, the U.S. Government began enforcement of the Corporate Transparency Act (CTA) of 2021. The act requires all businesses to report about the individuals who control them. At the start of this year, we brought you news on how to determine whether your Co-Op or Condo falls under the category of a business that must file with FinCEN (the Financial Crimes Enforcement Network,) or if it is exempt. Filing is free of charge and must be completed this year by existing businesses and within 90 days of any new business creation or registration to do business in the U.S henceforth. To download the form or read more information about the CTA and penalties for non-compliance, click here: https://lnkd.in/esE5VWw2 #nycrealestate #nyrealestate #newyorkrealestate #realestateny #nycliving #commercialrealestate #nyproperty #propertyinvestment #condo #coop #buildingmanagement #facilitymanagement #propertymanagement #buildingmaintenance #buildingmanager #buildingservices #corporatetransparencyact

[MEDIA RELEASE] The FSCA has published its latest Regulatory Actions Report for the previous financial year. The report highlights the FSCA’s enforcement efforts between 1 April 2023 to 31 March 2024 and also outlines the Authority’s future focus areas based on identified trends and risks. The report details a number of enforcement interventions by the FSCA, including 156 debarments, 104 public warnings, 41 Enforceable Undertakings, suspension of 1061 licences, the withdrawal of 75 licences, and the imposition penalties in excess of R943 million on 33 persons. The report also details the number of cases the FSCA’s fully investigated and handed over to various law enforcement agencies, including highly publicised cases in the period. One of the notable cases being the prosecution of Mr Craig Warriner, who received an effective 25-years sentence for fraud and unregistered financial services business, following successful collaboration with the prosecution authorities. Read the full statement here:

The Corporate Transparency Act (“CTA”) went into effect January 1, 2024. It requires new and existing entities to file information concerning their beneficial ownership information (“BOI”) with the Financial Crimes Enforcement Network (“FinCEN”) and requires that information stay up to date. So who is a Beneficial Owner? A beneficial owner is any individual who, directly or indirectly, exercises substantial control over a reporting company OR owns or controls at least 25% of the ownership interests of a reporting company. An individual might be a beneficial owner through substantial control, ownership interests or both. Contact us if you need help understanding the legal details surrounding the CTA.  #corporatetransparencyact  #businesslaw #executivelegal #legalupdate

The term 'suspicious' often presents a conundrum when it comes to filing Suspicious Activity Reports (SARs), due to its lack of a precise definition. However, filing SARs should be a top priority for law firms when red flags relating to money laundering are raised. Avoid the pitfalls when it comes to filing SARs and get top tips by reading our blog. Read more here https://bit.ly/3P0dLx9 #AMLcompliance #SARs #MoneyLaundering #LegalCompliance #LawFirms #toptips #uklaw

🚨 If you're a business or an LLC owner, you must follow rules of the Corporate Transparency Act (CTA) or face steep penalties and/or jail time. So, don’t miss our webinar on 8/1 with Advanta IRA’s Alex Perny and attorney Ted Sutton of Corporate Direct. They’ll explain: ✅ Annual reporting requirements to FinCEN ✅ Penalties for non-compliance ✅ Effects on IRA LLCs Don’t miss your chance to learn what you must know about the CTA. Register today: https://lnkd.in/gHA9ZDc9 #CTA #CorporateTransparencyAct #IRALLC #CorporateDirect

REMINDER! As of January 1, 2024, every Reporting Company is required to file with the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) beneficial ownership information reports (“BOI Report”) with details about the corporate entity, its Beneficial Owners, and its Company Applicants. Here are some important timelines to be aware of! As you are working to understand the requirements of the CTA, conducting your corporate housekeeping, evaluating the possibility of an exemption, and determining who your Beneficial Owners are, we are here to help and guide you. We will work with you to analyze whether or not your company is a Reporting Company, and we will review your corporate documents and structure to identify your Beneficial Owners for whom information must be reported. Contact us today so that we can begin working with you to ensure you are prepared and ready to comply with the CTA. Check out our blog for more information about the CTA and preparing for compliance: https://lnkd.in/gnfqCpXy #cta #legalupdates #businessowner #corporatetransparencyact #businesslaw #founders

Join us on October 25 for a VIRTUAL & insightful discussion led by legal experts Peter Flagel and Calvin Jonker from Gibbons P.C., where we'll dive deep into the new compliance obligations introduced by the CTA. Designed to combat financial crimes like money laundering, the CTA has far-reaching implications for businesses across all sectors. This is not to be missed - reserve your spot now: https://bit.ly/4d90NHi This event is essential for corporate leaders, legal professionals, and compliance officers who need to understand how the CTA will impact their organizations and what steps they must take to stay ahead of enforcement timelines. #FEINewJersey #FinanceLeaders #CFO #CareerDevelopment #ProfessionalDevelopment

Are you a business owner in New York trying to navigate the complexities of the Corporate Transparency Act (CTA)? CTA compliance requires businesses in New York and across the U.S. to disclose key ownership and control information to the Financial Crimes Enforcement Network (FinCEN). This mandate aims to combat money laundering, fraud, and other financial crimes by increasing corporate transparency, ensuring that businesses remain compliant with federal regulations. During our most recent LIVE Q&A, Ross Pitcoff, Founder and Managing Partner of Pitcoff Law Group, discussed important insights on this matter. For more in-depth information on navigating #CTAcompliance in New York, watch our latest video below titled, "CTA Compliance: What Other Aspects Should You Be Aware Of?" or contact our office today. We would be happy to assist you. #legalcompliance #corporatetransparency #corporatecounsel