FinCEN Guidance’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 

The Corporate Transparency Act (CTA) is officially in effect. This significant law requires certain businesses to report "beneficial owner" information to the Financial Crimes Enforcement Network (FinCEN) to help combat illegal financial activities. At Fiske, we're committed to keeping our clients informed about key regulatory changes. While we recommend consulting with legal counsel to ensure full compliance with the CTA, we want to ensure you’re aware of these important updates and what steps might be necessary. For more details on the reporting requirements and deadlines, check out our website: https://lnkd.in/d9Ne8FY4 #Fiske #CorporateTransparencyAct #Compliance #Finance

🚨 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 buxtonandcollie.com to read our blog.

The Corporate Transparency Act (CTA) took effect on Jan. 1. All businesses are now required to file reports of Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN). In today’s Biz Law blog, Andrew Kimball and John Lushis Jr. discuss “self-authentication” and why financial institutions should request access to BOI as permitted under the CTA as a matter of course instead of accepting BOI information directly from their customers. Read more here: https://ow.ly/oqSQ50QVsGC #BusinessLawyer #NorrisMcLaughlin #BusinessLaw #CorporateTransparencyAct #CTA

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

🚨 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.

More or less source of funds guidance/requirements? Last week we had a really productive round table with The Law Society talking about the consultation on the Money Laundering Regulations. One of the hotly discussed topics was question 2 of the consultation “In your view, is additional guidance or detail needed to help firms understand when you carry out ‘source of funds’ checks under regulation 28(11)(a)? If so, in what form would this guidance be most helpful?” Do we have enough guidance on source of funds in the legal sector, or do we need guidance or the regulations to prescribe further detail? #stopthebaddies #riskbasedapproach

#TeamSPB reports on the Financial Crimes Enforcement Network (FinCEN) updated official FAQs regarding the Corporate Transparency Act, which mandates reporting companies to disclose beneficial ownership information. The act affects both US domestic companies and non-US entities operating in the US. Given the potential legal ramifications, compliance with the CTA's reporting requirements is essential for companies and their executives ➡️ https://ow.ly/BeGo50RoUgj #FinCEN | #CorporateTransparencyAct | #FinancialCrimes

#FAQ What is the the intention behind the Corporate Transparency Act? This law was designed to disrupt criminal activities such as money laundering by removing the cloak of anonymity from small businesses and revealing who funds them and controls their operations. Visit https://bit.ly/3ThpgDN to read more on ""How to Comply with the Corporate Transparency Act,"" with Wright Lewis. #DBL #DoingBetterLaw #TeamDBL #RegulatoryAndGovernment #CorporateTransparencyAct

The Corporate Transparency Act (CTA) took effect on January 1, 2024, adding another layer of compliance for most businesses. While there are notable exemptions to the CTA, most companies must file certain information on their “beneficial owners” with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). It is important for business owners to understand their obligations under the CTA since the potential penalties for noncompliance are severe. FLB Law Partner Rick Costantini highlights a few things every business should know about their reporting obligation. #FLBLaw #corporatelaw #CorporateTransparency