As you’re probably already aware, FinCEN issued the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) on December 22, 2023. This rule implements portions of the Corporate Transparency Act (CTA) and authorizes certain persons access to information reported to FinCEN regarding reporting companies, beneficial owners, and company applicants (BOI). On February 20, 2024, the effective date of the Access Rule, FinCEN published a Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards […]
Tag: FinCEN
How BSA Reporting Makes a Difference
Last week FinCEN held it’s annual Law Enforcement Awards Program ,which recognizes cases that have been successfully prosecuted using reports provided financial institutions, and emphasized how BSA reporting really does make a difference. The stories are always interesting but I think they also serve as a reminder to our teams that the work they do is important and has a real impact. And for many, this might be a much-needed reminder. Often, there is no […]
Beneficial Ownership Filing Deadline Extension from FinCEN
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 […]
FinCEN Announces Largest Settlement in Treasury Department History
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 […]
FinCEN Issues a Proposal for Beneficial Ownership Information Access and Updated Inflation Adjustment of Civil Monetary Penalties
The Financial Crimes Enforcement Network (FinCEN) was busy last week issuing two Notices of Proposed Rule Making (NPMR) and an adjustment to Civil Money Penalties (CMP). The purpose of the first NPRM is for interested parties to comment on the application that will be used to collect information from individuals who seek to obtain a FinCEN identifier, consistent with the Beneficial Ownership Information. The second NPRM is requesting comments for the report that will be […]