Understanding the Economic Impact Payments (Recovery Rebates)
The distribution of economic impact payments will begin in the next three weeks (weeks of April 6th, 13th and 20th of 2020). According to the IRS, the payments will be distributed automatically, with no action required for most people. The
- Foodman website and JD Supra
Florida small businesses can “bridge the gap” between the time damage is incurred and when a business secures other financial resources
Florida currently has the Florida Small Business Emergency Bridge Loan Program available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19. The loans are characterized as short-term, interest-free (12 months)
- Foodman website and JD Supra
Compliance Officers and the Growing Risk of Personal Liability
On February 04, 2020, the NEW YORK CITY BAR ASSOCIATION COMPLIANCE COMMITTEE issued a REPORT ON CHIEF COMPLIANCE OFFICER LIABILITY IN THE FINANCIAL SECTOR. The Report discusses the governmental view that Compliance Officers are the “gatekeepers” that prevent, detect, and
- Foodman website and JD Supra
Oficiales de Cumplimiento y el Creciente Riesgo de la Responsabilidad Personal
El 4 de febrero de 2020, el COMITÉ DE CUMPLIMIENTO DE EL COLEGIO DE ABOGADOS DE LA CIUDAD DE NUEVA YORK emitió un INFORME SOBRE LA RESPONSABILIDAD DE LOS OFICIALES DE CUMPLIMIENTO EN EL SECTOR FINANCIERO. El Informe analiza la
- Foodman website and JD Supra
¿Qué puede provocar una investigación OFAC y a qué puede conducir una investigación OFAC?
Una investigación OFAC a menudo se provoca como resultado de: • Informes generados por instituciones financieras de los EE. UU. que han bloqueado o rechazado una transacción en base a una presunta violación de sanciones • Una auto divulgación de
- Foodman website and JD Supra
The U.S.A Continues to be AML/BSA “Vulnerable”
The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/BSA and CFT threats. The vulnerabilities in the U.S.A. related to AML/BSA and CFT are
- JD Supra and Foodman Website
Did you know that OFAC and the IRS have an Understanding?
In November, 2019 the IRS and the Office of Foreign Assets Control (OFAC) signed a Memorandum of Understanding (MOU). The MOU outlines an understanding between the IRS and OFAC with respect to reviews conducted by the IRS for compliance with
- JD Supra and Foodman Website
Las deficiencias o debilidades en un Programa de Cumplimiento de Sanciones de la OFAC pueden conducir a Acciones Administrativas de la OFAC
El 2 de mayo de 2019, la “OFAC” (Oficina de Control de Activos Extranjeros) publicó una guía titulada “Un Marco de Referencia para los Compromisos de Cumplimiento de la OFAC”. El propósito de la guía del Marco de Referencia de
- JD Supra and Foodman Website
Un Programa de Cumplimiento Efectivo puede ayudar a Disminuir una Multa Penal Organizacional
El 30 de abril del 2018, la División Criminal del Departamento de Justicia de los Estados Unidos (“Department of Justice – DOJ”) publicó un documento de orientación sobre los programas de cumplimiento corporativo. El documento analiza la adecuación y efectividad
- JD Supra and Foodman Website
What is Next after BSA turns 50?
On 2/6/2020, the U.S. Department of the Treasury issued the BSA 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy). The purpose of the 2020 Strategy is to: • Modernize the U.S. anti-money laundering/countering the financing of
- JD Supra and Foodman Website
What can trigger an OFAC investigation and what can an OFAC Investigation lead to?
An OFAC investigation is often triggered as a result of: • Reports that are generated by U.S. Financial Institutions which have blocked or rejected a transaction based on a suspected sanctions violation • A self-disclosure of an OFAC apparent violation
- JD Supra and Foodman Website
FBAR Penalties: Is it per Account or per Violation?
U.S. Taxpayers (includes a citizen, permanent resident, corporation, partnership, limited liability company, trust and estate) are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have: a financial interest in or signature or other authority
- JD Supra and Foodman Website
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