Included in the AML ACT of 2020 is the Corporate Transparency Act which outlines Beneficial Ownership Reporting Requirements

March 2021

The Corporate Transparency Act (CTA) is within the AML Act of 2020.  It establishes Beneficial Ownership Information Reporting Requirements to facilitate important national security, intelligence, and law enforcement activities; and confirm beneficial ownership information provided to financial institutions to facilitate

  • Foodman website and JD Supra

Will the Perception of the USA as a Preferred Tax Haven be Jeopardized Going Forward?

March 2021

Changes to the Bank Secrecy Act incorporated into the National Defense Authorization Act (NDAA) contain requirements for beneficial ownership disclosure by covered legal entities at the time of their creation for inclusion in a database that will be accessible by

  • Foodman website and JD Supra

How will the AML Act of 2020 (the “Act”) Required Examiner Training Impact your Financial Institution?

March 2021

Section 6307 of the Act requires annual Anti-Money Laundering and Countering the Financing of Terrorism training for Examiners.  The training is to be done in consultation with FinCEN and all levels of law enforcement, including federal, state, tribal, and local. 

  • Foodman website and JD Supra

Will Financial Institutions be Ready for the Proposed Travel Rule Rulemaking?

March 2021

The “Travel Rule” is a Bank Secrecy Act (BSA) rule [31 CFR 103.33(g)] that requires financial institutions to pass certain information on to the next financial institution, in certain funds transmittals involving more than one financial institution.  “Financial institutions” include

  • Foodman website and JD Supra

Is there help on the Way for the De-risked?

March 2021

Rising compliance costs, hard to understand corporate client structures, fines and penalties, a shift from corporate responsibility to individual liability, and reputational concerns have led many US Financial Institutions (“FI”) to de-risk or end customer relationships as along with the

  • Foodman website and JD Supra

New Criminal Offenses related to Foreign Political Figures and Money Laundering Entities

February 2021

Regarding assets belonging to Senior Foreign Officials, Section 6313 of the AML Act of 2020 prohibits the concealment of the source of those assets in monetary transactions or involving Institutions of primary Money Laundering concern as two new criminal offenses. 

  • Foodman website and JD Supra

Treasury Attachés, Foreign Financial Intelligence Unit Liaisons and Foreign Financial Institutions

February 2021

The AML Act of 2020 includes the creation of  “Treasury Attachés” (SEC. 6106, appointed by the US Treasury Department) and the “Foreign Financial Intelligence Unit Liaisons” (SEC. 6108, appointed by FinCEN) to be stationed abroad.   The Treasury Attachés will: Assist

  • Foodman website and JD Supra

Foreign Bank and the New Longer Arm of the US Treasury and DOJ

February 2020

Before passage of the AML ACT of 2020 (the “ACT”), The US Department of the Treasury, and the US Justice Department (DOJ) had US legal authority to subpoena foreign banks with US correspondent accounts for related US records including records

  • Foodman website and JD Supra

FinCEN provides further SAR Clarity

February 2021

On January 19, 2021, FinCEN issued Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations.  The answers to seven questions were provided by FinCEN in response to recent Bank Secrecy Act Advisory Group (BSAAG) recommendations,

  • Foodman website and JD Supra

¿Estarán las Instituciones Financieras Preparadas para la Propuesta de Reglamentación del “Travel Rule”?

February 2021

El “Travel Rule” es una regla de la Ley de Secreto Bancario (“BSA”) regla [31 CFR 103.33(g)] y requiere que todas las instituciones financieras transmitan cierta información a la siguiente institución financiera, en ciertas transferencias de fondos que involucren a

  • Foodman website and JD Supra

FinCEN provides a Section 314(b) welcomed clarification

January 2021

Section 314(b) of the USA PATRIOT Act (Sec 314) was drafted by Congress in 2001 to allow financial institutions to work with law enforcement agencies and with each other to support the common goal of deterring money laundering and terrorist

  • Foodman website and JD Supra

Get Started with Reducing your 2020 Tax bill now

December 2020

  • Daily Business Review