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Yesterday, FinCEN announced a filing deadline extension for Beneficial Ownership Information for companies created or registered in 2024. Beginning January 1, 2024, reporting companies will be required to file information with FinCEN regarding their beneficial ownership. The rule requires new reporting companies, that is those created after January 1, 2024, to file their initial report within 30 calendar days of “receiving actual or public notice that the creation or registration of the reporting company is

On Tuesday November 21, 2023, FinCEN announced the largest settlement in U.S. Treasury Department History with virtual currency exchanger Binance Holdings Ltd. Binance, the largest virtual currency exchanger in the world, must pay approximately $4.3 billion in total to resolve violations of the Bank Secrecy Act (BSA), failing to register as a money transmitter, and sanctions violations. The settlement with FinCEN is part of a coordinated effort with OFAC, the U.S. Commodity Futures Trading Commission

Last week, the CFPB announced its approval of an application piloting disclosures for construction loans. In this initiative, the CFPB establishes guidelines for testing alternative disclosures in real-market scenarios, recognizing the enhanced accuracy of such tests compared to lab-based evaluations. The CFPB stated that testing in-market would allow them to gauge the potential necessity more accurately for regulatory adjustments. In short, lenders can now apply to test modified origination disclosures for construction loans to improve

On November 14, 2023, OFAC released its Guidance for the Provision of Humanitarian Assistance to the Palestinian People to “clarify that U.S. sanctions do not stand in the way of legitimate humanitarian assistance to the Palestinian people.” The Guidance reinforces existing prohibitions and authorizations, along with a brief review of applicable general licenses and Q&A. Hamas and other organizations have used NGOs to support financing of their operations, making due diligence on suspect transactions and

Despite The House of Representatives passing legislation to extend federal funding yesterday, a government shutdown still isn’t completely off the table. It still needs to make it through The Senate and be signed by President Biden. We all know a potential shutdown has far-reaching effects, but one you may not be prepared for is the lapse of the National Flood Insurance Program (NFIP). Here’s what that means for your financial institution:   Your institution’s ability