Anti-money Laundering / Anti-terrorism Regulations Update on Corporate Transparency Act – Final Rule Issued for Reporting Companies

FinCEN recently issued the final rule to implement the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting provisions. The CTA final rule establishes uniform (1) beneficial ownership and (2) company applicant reporting requirements for “reporting companies.” Our practice note provides an overview of federal anti-money laundering rules, regulations, and reporting requirements, including a summary of CTA final rule update. Practitioners will gain a comprehensive understanding of the obligations under the BOI reporting rule.

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Related Content        

• Bank Secrecy Act (BSA), USA PATRIOT Act, AMLA, OFAC, and Other Anti-money Laundering / Anti-terrorism Regulations Compliance Checklist
  Explore this checklist which includes key AML requirements under the BSA, USA PATRIOT Act, Anti-Money Laundering Act of 2020, CTA, and Office of Foreign Asset Controls economic and trade sanctions rules.

• Customer Identification and Due Diligence Requirements Pursuant to the Bank Secrecy Act
  Access this practice note covering various statutory and regulatory requirements for identifying customers that pose a high risk for money laundering, terrorist financing, and other criminal activities. The practice note also contains updated BOI requirements for reporting companies recently published by FinCEN in September 2022.

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