- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-12-09T14:08:00
Business owners can stop preparing their 2025 anti-money laundering (AML) reports for the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), according to a Texas court, which ruled the Corporate Transparency Act (CTA) requirement unconstitutional.
An AML requirement that businesses operating in the U.S. submit company beneficial ownership information (BOI) to FINCEN has been halted by a Texas court.
Companies doing business in the U.S. were required starting in 2025 to provide basic information about anyone with 25 percent or more ownership to FINCEN, under the BOI reporting rule of the 2021 CTA. The information would include names, dates of birth, addresses, and copies of driver’s licenses or passports of the owners. Approximately 37 million owners would have been required to file the reports.
A growing opposition arguing against the rule’s constitutionality finally reached a tipping point with the Texas court’s decision. While compliance professionals should take note, the ruling is likely to be appealed to the Supreme Court.
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Law enforcement officials stumbled on TD Bank’s role in money laundering while investigating a Mexican drug cartel. They found that the bank’s corporate culture considered compliance, particularly BSA/AML compliance, a low priority. As they dug deeper, authorities discovered that multiple money laundering schemes had infiltrated the bank’s network.
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New rules on cyber risk management across the EU put execs firmly in the crosshairs for noncompliance and are likely to apply to a wider range of organizations than many business leaders may initially think. However, there are also concerns that the rules may become muddled across the wide bloc. ...
New rules that push IT firms providing “critical” services to the U.K.’s financial sector to share more data about cyberattacks and resiliency measures have been welcomed by industry experts. However, concerns remain over how suppliers will be classified and how key data might be gathered and shared.
