In the News

10/2022

An Update on U.S. Transparency Initiatives

  • picture of Severiano E. Ortiz
    Severiano E. Ortiz

Severiano Ortiz co-presents on An Update on U.S. Transparency Initiatives. The Webinar covers three topics: (1) the final beneficial ownership information (BOI) reporting regulations under the Corporate Transparency Act; (2) the Enabler’s Act, and (3) US sanction developments in the private client space.  Society of Trust & Estate Practitioners (STEP) Mid-Atlantic Planning Webinar. October 20, 2022, at 12pm EST.

Register Here (Free): Webinar Registration – Zoom

Corporate Transparency Act. As you may be aware, the BOI regulations currently are in the final stages of review at the Office of Information and Regulatory Affairs of the Office of Management and Budget. They were received by OIRA on August 30th, which has 90 days in which to review the regulation package. It has been reported that over 400 comments were received in response to the proposed BOI regulations. It will be interesting to see how FinCEN balances the need for information against the reporting burden on in-scope entities.

The Enabler’s Act. We will provide an update as to the progress of this Act in Congress. Under this Act, service providers, to include attorneys and accountants providing certain types of work, as well as persons performing financial advice, forming entities, rendering investment advice and servicing trusts would be required to conduct anti-money laundering (AML) due diligence.

Sanctions Update. We will provide a brief update on U.S. sanction developments in the private wealth space.

Presentations