- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-01-05T17:50:00
The calendar has turned to 2024, meaning many small businesses, private companies, and other entities are now required to file their beneficial ownership information (BOI) with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
The Corporate Transparency Act (CTA), enacted by Congress in 2021, requires reporting companies—both foreign and domestic—that file incorporation paperwork with secretaries of state or tribal authorities to also file BOI with FinCEN. The agency estimated more than 32 million reporting companies will be required to report their BOI to the registry in 2024.
The registry is designed to assist FinCEN and law enforcement in understanding who owns corporations and shell companies to help locate and capture parties responsible for money laundering, financing terrorist groups, and other financial crime.
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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.
A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.
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.
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.
