On December 16, 2022, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register the preliminary rules to implement the beneficial ownership information (BOI) access and safeguard provisions of the U.S. Corporate Transparency Act (CTA). The CTA was enacted on January 1, 2021. The new reporting regime will require certain domestic and foreign entities to report on their beneficial ownership. Rulemaking Plan FinCEN previously announced three stages of r

On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule establishing a beneficial ownership information reporting requirement, pursuant to the U.S. Corporate Transparency Act (CTA). U.S. Corporate Transparency Act The U.S. Corporate Transparency Act (“CTA”) was enacted on January 1, 2021. On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) issued proposed regulations. The new reporting regime will require certain domesti

On April 28, 2022, the Acting Director of the Financial Crimes Enforcement Network (FinCEN) provided the U.S. House of Representatives Committee on Financial Services an update on a variety of issues including the new U.S. beneficial owner registry. U.S. Corporate Transparency Act The U.S. Corporate Transparency Act (“CTA”) was enacted on January 1, 2021. On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) issued proposed regulations. FinCEN received over

The U.S. Corporate Transparency Act (“CTA”) was enacted on January 1, 2021. On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) issued proposed regulations. Public comments on these proposed regulations are due February 6, 2022. Until FinCEN issues final regulations, we do not know with certainty the specific requirements. However, it is useful to review some of the basic components included in the proposed regulations to ensure you are prepared. Who Must F