- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-03-05T18:30:00
A federal court judge in Alabama ruled a provision in the Corporate Transparency Act (CTA) was beyond Congress’s power, potentially throwing the effectiveness of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) beneficial ownership information (BOI) registry into doubt.
U.S. District Judge Liles Burke of the Northern District of Alabama ruled Friday in the case of the National Small Business Association (NSBA) v. Janet Yellen, arguing the CTA was unconstitutional.
“[E]ven in the pursuit of sensible and praiseworthy ends, Congress sometimes enacts smart laws that violate the Constitution,” Judge Burke wrote. “This case, which concerns the constitutionality of the Corporate Transparency Act, illustrates that principle.”
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The United States’s progress on implementing the beneficial ownership information reporting requirements contained within the Corporate Transparency Act earned it praise from the intergovernmental Financial Action Task Force.
The Financial Crimes Enforcement Network will focus its attention regarding compliance with its new beneficial ownership reporting requirements on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.
The Financial Crimes Enforcement Network issued a notice of proposed rulemaking that would require the handlers of all-cash residential real estate transactions in all U.S. cities and counties to disclose the beneficial owners.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
