The latest State of Financial Crime report by ComplyAdvantage shows a more technology-aware and risk-focused environment.
Corporate Transparency Act
FinCEN removes beneficial ownership reporting requirements for US companies and US persons, but introduces new deadlines for foreign ones.
Companies won’t be subject to liability if they fail to file beneficial ownership details right now, but they can (and should consider) doing so.
US Treasury officials note how BOI stopped significant illicit money flows, and remind us of proposed rules on real estate transfers.
Ruling that the Act is unconstitutional imperils the nationwide database of beneficial ownership that was created under it.
The FinCEN director highlighted her agency’s work on beneficial ownership reporting requirements, customer due diligence, and countering terrorism.
FinCEN issues a proposal to extend the deadline for filing initial Beneficial Ownership Information Reports for certain entities.
New rules are directly affecting how sovereign wealth funds are structuring their investments and reducing the compliance burden.