casinos

When are Casinos Financial Institutions?

November 2022

According to the IRS and FinCEN,  Casinos licensed to do business as casinos and which have gross annual gaming revenues in excess of $1,000,000 are Financial Institutions subject to the requirements of the Bank Secrecy Act, which is known as

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beneficiarios reales

Beneficiarios Reales Bajo la Regla Final de FinCEN

November 2022

El 29 de septiembre del 2022, FinCEN emitió la muy esperada Regla Final (Final Rule) que establece un requisito de reporte de información sobre los beneficiarios reales, en conformidad con la Ley de Transparencia Corporativa (“Corporate Transparency Act” o “CTA”)

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fatca loophole

EL FATCA “Loophole” Traerá Más Acciones de Cumplimiento

November 2022

Después de una investigación de un año, el Comité de Finanzas del Senado de los EE. UU. investigó una escapatoria (FATCA Loophole) y entregó un Reporte de investigación titulado “The Shell Bank Loophole” que expone un esquema de evasión de

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IRS-CI

IRS-CI Expands Partnerships with Foreign Counterparts

November 2022

On 11/3/22, IRS-CI (IRS Criminal Investigation) released it FY2022 Annual Report highlighting more than 2,550 investigations, 90% conviction rate; enforcement actions focused on tax fraud, money laundering, cybercrimes, and important partnerships. During its Fiscal Year 2022, which began Oct. 1,

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IRS FATCA scrutiny

Sponsoring Entities under IRS FATCA scrutiny

November 2022

On 10/11/22, the IRS issued Notice Number 2022-05:  FATCA Registrations: Sponsoring Entities with no Registered Sponsored Entities.  The IRS has identified Sponsoring Entities that do not appear to have Sponsored Entities registered in the FATCA Registration System. A Sponsored Entity

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IRS FATCA scrutiny

Entidades Patrocinadoras Bajo el Escrutinio FATCA del IRS

November 2022

El 11/10/22, el IRS emitió el Noticiero Número 2022-05: Registros FATCA: Entidades Patrocinadoras sin Entidades Patrocinadas Registradas. El IRS ha identificado Entidades Patrocinadoras que no parecen tener Entidades Patrocinadas registradas en el Sistema de Registro FATCA. Una Entidad Patrocinada es

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beneficial ownership

Beneficial Ownership under FinCEN’s Final Rule

November 2022

On 9/29/22 FinCEN issued the very anticipated Final Rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The Final Rule will require most corporations, limited liability companies, and other entities created in or

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digital assets image activos digitales

White House follows up with Digital Assets Priorities Identified in Executive Order

November 2022

President Biden’s Executive Order (EO) on Ensuring Responsible Development of Digital Assets was signed on 3/9/22 acknowledging how the rise in digital assets creates an opportunity to reinforce the leadership of the U.S. in the global financial system as well

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fatca loophole

The FATCA Loophole will bring more Enforcement Action

November 2022

After a yearlong investigation, the US Senate Finance Committee probed into a FATCA Loophole and delivered an investigative report titled “The Shell Bank Loophole” that exposes a tax evasion scheme under a  FATCA loophole that allows banks offshore to accept

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FCPA image

El FCPA y El CPA

October 2022

El cumplimiento del FCPA (Ley de Prácticas Corruptas en el Extranjero, “Foreign Corrupt Practices Act) debe estar a la vanguardia de las empresas de todos los tamaños en todas las industrias. Debido a la globalización de las operaciones de las

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customer due dilligence CDD

CDD – Recordatorio Amistoso de las Agencias a los Bancos

September 2022

El 6/7/22, las Agencias (Junta de Gobernadores del Sistema de la Reserva Federal, la Corporación Federal de Seguros de Depósitos, la Red de Ejecución de Delitos Financieros, la Administración Nacional de Cooperativas de Crédito y la Oficina del Contralor de

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FDIC

FDIC Crypto Protection? No way!

August 2022

On 7/29/22, the FDIC published a Crypto Advisory: “Advisory to FDIC-Insured Institutions Regarding Deposit Insurance and Dealings with Crypto Companies” due to its concern regarding the confusion that consumers have regarding Crypto assets “offered by, through, or in connection with

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