Severiano Ortiz co-presents on the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released proposed regulations on Dec. 7, 2021, seeking to implement the “beneficial ownership information” (BOI) requirement of the Corporate Transparency Act (CTA), which was passed by Congress as part of the Anti-Money Laundering Act of 2020 (AMLA 2020). FinCEN expects that the proposed regulations will help address the lack of BOI that is “critical for money laundering investigations,” bring the U.S. into alignment with international anti-money laundering/combatting the financing of terrorism (AML/CFT) standards and clarify various ambiguities within the CTA. Our Webinar will cover some of the key components of the Notice of Proposed Rulemaking (NPRM), to include:
- Who must file a report
- What constitutes beneficial ownership
- What information must be disclosed in a BOI report
- When must information be reported
- Interpretive issues
- Foreign reactions to the NPRM
Society of Trust & Estate Practitioners (STEP) Mid-Atlantic Planning Webinar. January 19, 2022.