CTA: How to File BOI Report as a Single Member LLC
Reported by Megan Munsell Watch video below (click play) and learn how to file the Beneficial Ownership Information (BOI) report as a single member LLC.
Tag: KYC
The Corporate Transparency Act and Reporting Requirements
Reported by Alexis Wiggley and Rachel Lilienthal Stark The considerations for current and future entities and beneficial owners to keep in mind now that the CTA has become effective are (i) the reporting requirements; (ii) the beneficial ownership information (“BOI”) that must be reported; and (iii) the privacy considerations that come with the CTA. It […]
U.S. Beneficial Ownership Information Registry Now Accepting Reports
Reported by FinCEN Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. Filing is […]
Law banning anonymous shell companies goes into effect
Reported by John Pacenti A federal law aimed at making anonymous business dealings in the United States essentially a thing of the past will go into effect on New Year’s Day, three years after becoming law. The Corporate Transparency Act was a pet project of U.S. Senator Marco Rubio, who raised alarm at over $1 […]
SEC allegedly concerned about money laundering via in-kind creates in a spot BTC ETF
Reported by Lockridge Okoth Amid ongoing spot Bitcoin exchange-traded funds (ETFs) race, the US Securities and Exchange Commission (SEC) has been engaging with the institutional players in the race for approvals. By and large, the plain message has reportedly been that the ETFs do cash creates or wait, according to ETF specialist with Bloomberg Intelligence, […]
New US rule targeting real estate money laundering reaches White House review
Reported by Reuters A long-awaited U.S. rule aimed at curbing money laundering in real estate has reached a key White House office for review, the final hurdle for it to clear before it can be formally proposed next year. The rule, put forth by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), reached the Office […]
Lawyers Handle Dirty Money, Too. Make Them Report It
Reported by Paul J. Davies The fight against money laundering, terror finance and tax dodging has made big demands on banks for years – and regulators have punished them harshly when they’ve come up short. However, a host of other professionals that help hide the world’s dirty money have mostly been left untouched. Chief among […]
Israel Found the Hamas Money Machine Years Ago. Nobody Turned It Off.
Reported by Jo Becker and Justin Scheck Israeli security officials scored a major intelligence coup in 2018: secret documents that laid out, in intricate detail, what amounted to a private equity fund that Hamas used to finance its operations. The ledgers, pilfered from the computer of a senior Hamas official, listed assets worth hundreds of […]
Swiss Banking Secrecy Is Gone. Shell Companies Might Be Next
Reported by Hugo Miller For the global wealthy with money to hide, it has long been helpful to have a Swiss company at your side. One with a nameplate, a letter-box, and no employees. But like banking secrecy over a decade ago, the Swiss shell-company industry is now facing a fundamental threat. In its fight […]
SEC Crypto Regulations: What Financial Advisors Need to Know
Reported by MICHAEL BROMBERG With cryptocurrency markets hovering at a global market capitalization of over $1.3 trillion, financial advisors are likely to encounter some clients who already own crypto and others with questions about investing in digital assets. Unfortunately, uncertainties around current and future regulations could create a quandary for financial advisors when they discuss […]
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