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BofA settles with OCC over AML, sanctions compliance concerns
The consent order was based on alleged BSA/AML violations, unsafe practices concerning those programs, and a failure to timely report suspicious activity and rectify CDD shortcomings identified earlier.
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Implications of appeals ruling blocking beneficial ownership registry assessed
Companies won’t be subject to liability if they fail to file beneficial ownership details right now, but they can (and should consider) doing so.
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SEC sweep targets tardy stock filings
The SEC fined Alphabet, Wall Street firms and some individuals more than $3.8m for late beneficial ownership and other reports.
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FinCEN final rules seek to stop criminals laundering money via home sales
FinCEN issues its final rules to safeguard residential real estate and investment adviser sectors from illicit financing activity.
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Treasury officials at beneficial ownership event show BOI working in action
US Treasury officials note how BOI stopped significant illicit money flows, and remind us of proposed rules on real estate transfers.
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FATF recognizes US progress on AML measures but challenges to BOI linger
US said to be “largely compliant” with a recommendation that countries have rules preventing criminals from hiding dirty money in shell companies.
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US district court strikes down ‘unconstitutional’ Corporate Transparency Act
Ruling that the Act is unconstitutional imperils the nationwide database of beneficial ownership that was created under it.
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FinCEN’s Andrea Gacki testifies in Congress, offers insight into agency’s 2024 agenda
The FinCEN director highlighted her agency’s work on beneficial ownership reporting requirements, customer due diligence, and countering terrorism.