IEEE Entrepreneurship’s Post

Business Owners: have you registered the Beneficial Owners for your business with FinCen? Registration must be completed by 01/2025. Here's what you need to know: Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Filing is simple, secure, and free of charge. Your company may need to report information about its beneficial owners if it is: - A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe. - A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing. If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI. If your company is created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier. Register your business here: https://lnkd.in/e4zShHzk If you have additional questions about registering your Beneficial Owners, call your Financial Services Representative at 406-587-5626, and we will be happy to discuss your questions and concerns with you! #bankofbozeman #ficen #localbanking #lastbestbank

Attention Business Owners: IRS Reminds us that all Beneficial Ownership Information filings for existing businesses are due by Jan 1st 2025. Make sure to file your BOI report as soon as possible to avoid penalties imposed by FINCEN. #boi #fincenboi #businessowners https://lnkd.in/gqUuV-DW

📢 Important Update for Business Owners! New Federal Reporting Requirements 📢 Starting January 1, 2024, many U.S. companies must comply with the Beneficial Ownership Information (BOI) requirements enforced by the U.S. Treasury's FinCEN. If your business is affected, ensure you report details about individuals who own or control 25% or more of your company. 📅 Deadline: Submit your BOI report by December 31, 2024 to avoid penalties! For more information, visit www.fincen.gov/boi, consult your CPA, or stop by your local GBT branch for assistance. #FinCen #BOI #Compliance #BusinessUpdate #Regulations #BeneficialOwnership #GBTBank

#Sale of a portfolio of receivables and below face value price   The French Cour de Cassation's ruling of 14 February 2024 provides useful clarification on the scope of the "contentious withdrawal" mechanism in the context of an assignment of a portfolio of receivables at a price below face value. The contentious withdrawal provided for in Article 1699 of the Civil Code allows the debtor of a disputed claim to satisfy its obligation by paying to the assignee the actual price of the assignment and not the debt face value. This ruling, which was handed down in the context of a grouped sale of receivables to a securitisation fund, sets out principles applicable to types of grouped assignments. In this case, a bank had sold a portfolio of receivables to a securitisation fund (FCT) at an overall price lower than their face value, but the individual price of each receivable was not available. The debtor's guarantor sought to exercise the right of contentious withdrawal. The Court of Appeal recognised such right, which the Court of Cassation upheld. In so doing, it enshrines three principles: - The contentious withdrawal may be exercised even where the disputed claim is assigned by means of a global #form without any indication of the individualised sale price of each receivable. In this case, the FCT did not provide any information on the actual individualised price of the claim in question, and the deed of assignment stated that the sale price of the portfolio took account of the assessment made by the assignor and assignee of the balance of risk and the chances of recovering the price. According to the Cour de cassation, proof of the actual price of the claim may be provided by any means, and the Cour of Appeal was entitled to use the "arithmetic" method, setting the transfer price of each claim at the total amount of the portfolio divided by the number of claims. - The assignee cannot prevent the contentious withdrawal by showing that it had a chance of recovering the face value of the claim thanks to its security interests. - The guarantor may rely on the assignment of the disputed interest because of the "accessory" nature of its obligation, it being noted that in this case the guarantor had itself contested its obligation to the original creditor by raising the disproportionate nature of its undertaking as guarantor.

Why Filing Your BOI Report with FinCEN is Critical (And How Ease Work Can Help) Starting January 1, 2024, all U.S. LLCs, corporations, and similar entities are required to file a Beneficial Ownership Information (BOI) report with FinCEN. Missing this deadline could result in hefty fines and even criminal charges. At Ease Work, we specialize in making this process simple and stress-free. we will guide you through every step to ensure your BOI report is accurate and on time—helping you avoid penalties and stay compliant. Let’s make sure your business is ready before the deadline hits. Contact me today! #BOI #FinCEN #Compliance #EaseWork #BusinessOwner #LLC #CorporateTransparency #LegalHelp #USBusiness #usa

🔎 P-EMI SAR 2021 - This brief safeguarding case study is on Rational FX based on the JSA's report as of Jan 2024. The status echoes the FCA's previously raised concerns about the existing safeguarding regime, where relevant funds are not easily and quickly identifiable at insolvency. This impedes the objective of reducing the risk of financial loss to customers and returning relevant funds to customers on a timely basis. 🔝 Safeguarding is an area of priority for the FCA to fix in an upcoming CP, which should be expected in Q3 2024. It will be interesting to see whether the FCA will provide more clarity or stricter requirements on ring-fencing of payment services "Relevant Funds" from its other non-payment services "Customer Funds". 📈 The challenges that led to the firm's insolvency was primarily attributed to its non-Payment Services FX forward activity, specifically late payment by customers for margin calls in relation to the Trade Book, unsettled matured forward contracts, and rolled-over forward contracts. The firm was ultimately liable to its counterparty broker-dealer for the Trade Book liabilities, which led to ongoing cash flow issues. 💸 The Joint Special Administrators' preliminary work identified two categories of Customer Funds: a) Customers’ money in respect of Payment Services that constitutes “Relevant Funds” under the PSRs that the Company was required to safeguard. b) Customers’ money paid in respect of (or realised from the sale of) the Trade Book. The JSAs are taking legal advice to establish the appropriate classification for claims from Trade Book customers, for example whether or not they may constitute a separate class of creditors to unsecured creditors and if so, any claim they may have over any funds realised through the sale of the Trade Book. 🚧 The JSA is faced with complexities in assessing the various circumstances in which money came to be held by the firm and requires continued investigation to determine the nature of the funds and to identify Relevant Funds. An extensive network of international payment partners is used, and whether any funds the firm holds are Company Funds or Safeguarded Funds requires investigation, and there are complexities to analysing those funds. #Safeguarding #Regulations

Attention Business Owners: New Reporting Requirements Ahead! Under the Corporate Transparency Act (CTA) passed in 2021, many of you will need to provide detailed information to FinCEN. This includes not just details about your business but also personal information like your business and home addresses, taxpayer identification numbers (EIN or FTIN), and identification details (driver’s license or passport number) along with a photo of the ID. Why the change? The CTA and the required Beneficial Ownership Information (BOI) report aim to enhance the fight against financial crimes, including money laundering and tax fraud, to name a few. It's crucial to submit your BOI report on time to avoid hefty penalties — as much as $500 per day, potentially reaching up to $10,000. Plus, intentionally providing false information? That could lead to civil penalties and up to two years in prison. Let's stay informed and compliant to navigate these regulations smoothly. Need help or have questions about filing your BOI report? Drop a message or comment below! Access the form by going to FinCEN’s BOI E-Filing website: https://lnkd.in/gZTu4MYs and select “File BOIR.” Share this reminder with another business owner or tag them below!

A really well written insight on the Rational FX story and the Safeguarding of Customer funds. As Dennis alludes to, a 'Fix' to Rules around Safeguarding and the segregation & security customers funds is likely to be noted around easter. Grath's Safeguarding reconciliation has been designed for any expected changes to the Safeguarding regime. It's promising to many firms take an early and fastidious approach to automating their Reconciliation function ahead of the consultation paper. #safeguarding #regulatorycompliance #paymentservices

New Beneficial Ownership Information(BOI) Obligations: Companies should report their beneficial owners to the US Treasury or pay a penalty of up to $10K. The deadline is December 31 2024 for companies opened in 2023 or before. 30 days for companies to open in 2024. Stay ahead of the deadlines and ensure your business complies with BOI Reporting requirements. Our expert team is here to assist you every step of the way. Contact us today to schedule a consultation: 📩 fa@fascpaconsultants.com or 📞 (786) 462 7899 #BOIReporting #Compliance #AccountingServices #BusinessOwners #StayCompliant #FinCEN #CorporateTransparency #ExpertAdvice

https://lnkd.in/di4Rc6gM #boir #boi #fincen #usa Understanding the New Beneficial Ownership Information Reporting Requirements May 16, 2024 — by BOIR in Blog As the rules for how businesses operate continue to change, it is important for all companies to keep up with new regulations. One of the most important recent changes is the requirement to report Beneficial Ownership Information (BOI). These new rules aim to make business ownership more transparent and to prevent illegal activities like money laundering and tax evasion. It is crucial for all businesses to understand and follow these new rules to maintain their integrity and avoid legal issues.