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Client Alert
|August 20, 2024
|5 Min Read
The Corporate Transparency Act: Coming to A Reporting Company Near You
The Corporate Transparency Act (CTA) establishes beneficial ownership information (BOI) reporting requirements for the vast majority of privately held corporations, limited liability companies (LLCs), and other similar entities created in, or registered to do business in, any of the states of the United States (U.S.), known as “reporting companies.”[1] Millions of reporting companies created prior to January 1, 2024 are facing the fast-approaching BOI reporting compliance deadline of January 1, 2025. Yet, a recent survey of 200 general counsels, corporate secretaries, and other legal and compliance executives from across a broad range of industries revealed that 83% of respondents were “concerned or very concerned” about their own organization’s readiness to comply with the CTA.[2]
Client Alert
|May 31, 2024
|4 Min Read
Do You Know Your Customer? FinCEN & SEC Propose New Investment Adviser KYC Obligations
On May 21, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the U.S. Securities and Exchange Commission (the SEC) published a joint notice of proposed rulemaking (the Proposed Rule) in the Federal Register. If adopted, the Proposed Rule would impose Customer Identification Program (CIP) requirements on both:
Global Trade & Foreign Policy Insights
|October 31, 2022
|10+ Min Read
FinCEN Finalizes Rule Implementing Beneficial Ownership Reporting Requirements
On September 30, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network published a highly anticipated rule (the “Final UBO Rule” or the “Final Rule”) that implements the beneficial ownership information reporting requirements of the Corporate Transparency Act.