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  • Elizabeth A. McMorrow

New Director at FinCEN

The U.S. Financial Crimes Enforcement Network (FinCEN) announced Andrea Gacki as the new director on July 13, 2023. FinCEN is the part of the U.S. Treasury Department which has responsibility (among other things) for the Corporate Transparency Act (CTA) - the U.S. version of a beneficial ownership registry.

FinCEN Press Release Andrea Gacki presently serves as the Director of the Office of Foreign Assets Control (OFAC) at the U.S. Treasury Department. Click to read the full press release.

CTA Deadlines

The effective date for the rule is January 1, 2024. Reporting companies created or registered before January 1, 2024 will have one year (until January 1, 2025) to file their initial reports, while reporting companies created or registered after January 1, 2024, will have 30 days after receiving notice of their creation or registration to file their initial reports.

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The IRS announced the Public Key for FATCA filing will expire on October 5, 2023. For those financial institutions (FIs) who submit their FATCA reporting directly to the U.S. Internal Revenue Service

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