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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-10-13T13:57:00
A new survey of U.S.-based businesses—as well as the law firms and certified public accountants (CPAs) who serve them—uncovered a shocking lack of understanding and preparedness for the looming beneficial ownership reporting requirements of the Corporate Transparency Act (CTA).
Information services firm Wolters Kluwer asked 669 U.S.-based companies and 328 law firms and CPAs about their general awareness of the CTA’s reporting requirements, as well as their level of preparedness to comply when the Treasury Department’s Financial Crimes Enforcement Network’s (FinCEN) beneficial ownership information rule takes effect Jan. 1. Wolters Kluwer conducted the survey between June and July.
While the beneficial ownership rule will apply to more than half (51 percent) of the survey respondents, 74 percent of those affected said they only became aware of its requirements by taking the survey, Wolters Kluwer said in a press release Tuesday.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-12-21T20:09:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network made several changes suggested by commenters to a new rule allowing limited access to its beneficial ownership information registry.
2023-10-19T18:35:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency mixing under a proposed rule.
2023-10-04T16:30:00Z By Kyle Brasseur
Andrea Gacki, the new director at the Financial Crimes Enforcement Network, said the agency is working to issue a notice of proposed rulemaking regarding the establishment of an anti-money laundering and sanctions whistleblower program.
2024-05-21T12:45:00Z By Ruth Prickett
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
2024-05-14T12:00:00Z By Adrianne Appel
Large public companies say they are prepared to comply with the disclosure requirements of the SEC’s new cybersecurity incident rule, according to a survey conducted by Compliance Week and DLA Piper, but concerns exist that those reports could enhance the threat of future cyberattacks.
2024-05-06T09:45:00Z By Aaron Nicodemus
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
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