Subject to Inquiry

Subject to Inquiry

THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

Jeffrey M. Hanna

Photo of Jeffrey M. Hanna Jeff’s practice includes complex litigation at the trial and appellate level, focusing on matters arising from government, regulatory, and criminal and corporate internal investigations.

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DOJ Seeks Supreme Court Review of CTA Injunction

By Lauren Mann and Jeffrey M. Hanna on Anti-Bribery and Corruption
Another flurry of court activity has further muddied the Corporate Transparency Act (CTA) waters, leaving additional uncertainty about its enforceability.  You may recall that on December 26, 2024, the Fifth Circuit vacated its own order granting the Government’s motion to stay the district court’s preliminary injunction, leaving FinCEN unable to enforce the CTA and lifting any filing… Continue Reading

Corporate Transparency Act Reporting Obligations: On Hold Until At Least Late March 2025

By Jeffrey M. Hanna and Lauren Mann on Anti-Bribery and Corruption
A flurry of activity in the Fifth Circuit this holiday season left clients asking the same questions about the Corporate Transparency Act (CTA): “Do we report Beneficial Ownership Information?”  “If so, when is the deadline?”  “Will this Act survive judicial review?” You may recall that on December 26, 2024, the Fifth Circuit vacated the “part… Continue Reading

Here We Go Again – Fifth Circuit Lifts the CTA Order Lifting the Injunction

By Jeffrey M. Hanna and Lauren Mann on Anti-Money Laundering
Just what you wanted – another holiday edition of Subject to Inquiry tracking the legal wrangling around the Corporate Transparency Act (CTA).  If you’ve just joined our program: McGuireWoods will be closely monitoring developments and publishing alerts as the case proceeds.  As with the message following the December 3 injunction, it is reasonable to slow… Continue Reading

Reporting Companies Have Less Than Three Weeks to File Beneficial Ownership Info With FinCEN

By Jeffrey M. Hanna and Lauren Mann on Anti-Money Laundering
On Dec. 23, 2024, the U.S. Court of Appeals for the Fifth Circuit granted the government’s emergency motion for a stay of a District Court’s nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA). The appellate court’s unpublished order in Texas Top Cop Shop v. Garland reinstates the act, which has a year-end deadline… Continue Reading

Federal District Court Issues Nationwide Preliminary Injunction Against Enforcement of the Corporate Transparency Act

By Jeffrey M. Hanna and Lauren Mann on Anti-Money Laundering
On December 3, 2024, the United States District Court for the Eastern District of Texas issued a nationwide preliminary injunction against enforcement of the Corporate Transparency Act (“CTA”).  Enacted as part of the Anti-Money Laundering Act of 2020, the CTA requires certain legal entities to report beneficial ownership information (“BOI”) to the U.S. Department of… Continue Reading

Deadline to Determine Corporate Transparency Act Reporting Obligations Fast Approaching

By Jeffrey M. Hanna and Lauren Mann on Anti-Money Laundering
As 2024 comes to a close, companies created prior to January 1, 2024 should be mindful of the year-end deadline to analyze whether they must report Beneficial Ownership Information (“BOI”) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) pursuant to the reporting provisions of the Corporate Transparency Act (“CTA”).  Companies should take… Continue Reading

Highlights from the 2024 SIFMA Anti-Money Laundering and Financial Crimes Conference on the Corporate Transparency Act

By Jeffrey M. Hanna and Lauren Mann on Anti-Money Laundering
On May 6, 2024, the Financial Crimes Enforcement Network (“FinCEN”) Director Andrea Gacki, Acting Chief of the Enforcement Division Steve Hsieh, Acting Associate Director of the Policy Division James Martinelli, and other key industry leaders, convened at SIFMA’s Anti-Money Laundering and Financial Crimes conference in New York to discuss, among other things, FinCEN’s priorities for… Continue Reading

Federal District Court Declares Corporate Transparency Act (CTA) Unconstitutional

By Jeffrey M. Hanna, Lauren Mann, Ashley Bouchez and Government Investigations Group on Anti-Money Laundering, Compliance
On March 1, 2024, the United States District Court for the Northern District of Alabama declared the Corporate Transparency Act (“CTA”) unconstitutional.  Enacted as part of the Anti-Money Laundering Act of 2020, the CTA requires certain legal entities to report beneficial ownership information (“BOI”) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”). … Continue Reading

FinCEN Issues Access Rule Compliance Guide for Beneficial Ownership Information

By Jeffrey M. Hanna, Lauren Mann and Government Investigations Group on Compliance
Rule Regarding Access to Beneficial Ownership Information Takes Effect On February 21, 2024, FinCEN published a Small Entity Compliance Guide to aid in compliance with the Corporate Transparency Act’s (“CTA”) Beneficial Ownership Information (“BOI”) Access and Safeguards Rule (“Access Rule”).  The Compliance Guide is called the Small Entity Compliance Guide only because federal law requires… Continue Reading

New York LLC Transparency Act Beneficial Ownership Reporting Requirements to Take Effect

By Jeffrey M. Hanna, Lauren Mann, McGuireWoods LLP and Government Investigations Group on Compliance
On December 23, 2023, New York Governor Kathy Hochul signed the New York LLC Transparency Act (“NYLTA”), which requires LLCs to disclose beneficial ownership information (“BOI”) to the New York Department of State.  Effective December 21, 2024, the NYLTA will impose separate BOI reporting requirements on New York LLCs, which are also subject to the… Continue Reading

Corporate Transparency Act: Three Updates for January 2024

By Jeffrey M. Hanna, Lauren Mann, McGuireWoods LLP and Government Investigations Group on Anti-Money Laundering, Compliance
RELATED UPDATE: Deputy Attorney General Monaco Announces New DOJ Whistleblower Program (March 8, 2024) As of January 1, 2024, the Corporate Transparency Act (“CTA”) has gone into effect. Companies that may be Reporting Companies of Beneficial Ownership Information (“BOI”) should be aware of three key aspects of the CTA.… Continue Reading

FinCEN Extends Time to File Beneficial Ownership Information for Entities Created After January 1, 2024

By Jeffrey M. Hanna, Lauren Mann, McGuireWoods LLP and Government Investigations Group on Anti-Money Laundering, Compliance
The Corporate Transparency Act (“CTA”) was enacted in 2021 as part of the Anti-Money Laundering Act of 2020. The CTA requires certain business entities (“Reporting Companies”) to report beneficial ownership information (“BOI”), and, for entities created or registered on or after January 1, 2024, information with respect to any individual who directly files the document… Continue Reading

FinCEN Specifies When and How Reporting Companies May Use FinCEN Identifiers

By Jeffrey M. Hanna, Lauren Mann, McGuireWoods LLP and Government Investigations Group on Anti-Money Laundering, Compliance
The Corporate Transparency Act (“CTA”) was enacted in 2021 as part of the Anti-Money Laundering Act of 2020, requiring certain business entities (“Reporting Companies”) to report beneficial ownership information (“BOI”), and, for entities created or registered on or after January 1, 2024, information with respect to any individual who directly files the document creating the… Continue Reading

Beneficial Ownership Reporting Requirements under the Corporate Transparency Act

By Jeffrey M. Hanna, Lauren Mann, McGuireWoods LLP and Government Investigations Group on Anti-Money Laundering, Compliance
Corporate Transparency Act Beneficial Ownership Reporting Requirements to Take Effect In 2021, the Corporate Transparency Act (“CTA”) was enacted as part of the Anti-Money Laundering Act of 2020, requiring certain business entities (“Reporting Companies”) to report beneficial ownership information (“BOI”) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”).  FinCEN issued the final… Continue Reading

DOJ Announces “Pilot Program Regarding Compensation Incentives and Clawbacks” with Significant Ramifications for Corporations Facing Criminal Investigations

By John S. Moran, Brandon M. Santos, Casey Erin Lucier, Jeffrey M. Hanna, Caroline Schmidt Burton and McGuireWoods LLP on Enforcement and Prosecution Policy and Trends
The Department of Justice Criminal Division announced a “Pilot Program Regarding Compensation Incentives and Clawbacks” (the “Program”) this week with broad implications for corporations and their individual executives operating within the Department’s jurisdiction. During two keynote speeches delivered at the American Bar Association’s National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco (remarks… Continue Reading

At Long Last, FinCEN Issues Beneficial Ownership Information Reporting Rule

By Matthew Orso, Jeffrey M. Hanna and McGuireWoods LLP on Financial Institution Regulation
At long last, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule establishing a beneficial ownership information reporting requirement for corporations and companies both large and small. In its announcement earlier today, FinCEN explained that the rule will require most companies and corporations registered to do business in the United States to report information about their… Continue Reading

FinCEN’s Proposed Foreign Affiliate SAR Sharing Program — Key Considerations

By Jeffrey M. Hanna and McGuireWoods LLP on Anti-Money Laundering
On January 25, 2022, the Financial Crimes Enforcement Network (“FinCEN”) solicited commentary regarding its proposed rule that would create a time-limited pilot program to expand the ability of financial institutions to share Suspicious Activity Reports (“SARs”) and SAR-related information.  (See 31 U.S.C. § 5318(g)(8)).  The proposed program would permit a financial institution with a SAR… Continue Reading

FinCEN Director Blanco Comments on Section 314(b)’s New Guidance

By Patrick Rowan and Jeffrey M. Hanna on Financial Institution Regulation
On December 10, 2020, FinCEN Director Kenneth Blanco delivered prepared remarks at the ABA’s annual Financial Crimes Enforcement Conference. At the outset, Director Blanco addressed the importance of U.S. national security amidst the unprecedented environment created by the COVID-19 pandemic. In his remarks, Director Blanco announced “important guidance” and “much needed clarity” concerning FinCEN’s voluntary… Continue Reading

FinCEN Rule Ends AML Program Exemption for Banks that Lack a Federal Regulator

By Jeffrey M. Hanna and McGuireWoods LLP on Anti-Money Laundering
On September 15, 2020, the Financial Crimes Enforcement Network (“FinCEN”) published a Final Rule bringing banks that lack a federal functional regulator further under its purview. The rule subjects these institutions to minimum standards for anti-money laundering (“AML”) requirements, including a BSA officer, AML policies and procedures, and regular employee training, among other obligations. It… Continue Reading

Congressional Investigations: A Month In, Congress Signals Close Scrutiny of CARES Act and Paycheck Protection Program

By Jeffrey M. Hanna, John Adams, Todd R. Steggerda, Mona G. Mohib, Paul J. Reagan and McGuireWoods LLP on Compliance
The CARES Act is only a month old, but plans for investigations to track the nearly $3 trillion in coronavirus relief funds are already emerging from Congress. Among the mechanisms for oversight created and funded by the CARES Act itself is the Congressional Oversight Commission, a five-member committee overseeing $500 billion in loans doled out… Continue Reading

FinCEN Issues Statement to Financial Institutions on BSA/AML Compliance During COVID-19 Pandemic

By Jeffrey M. Hanna and McGuireWoods LLP on Anti-Money Laundering, Financial Institution Regulation, Fraud, Deception and False Claims
The Financial Crimes Enforcement Network (FinCEN) released a statement to financial institutions on March 16, 2020, concerning the COVID-19 pandemic. The statement covered two main topics: Potential delays by financial institutions in filing required Bank Secrecy Act (BSA) reports Remaining alert to identify malicious or fraudulent transactions, which often arise during natural disasters First, FinCEN… Continue Reading

What the Venezuela Sanctions May Mean for Future Sanctions Programs

By Alex J. Brackett, Jeffrey M. Hanna, Patrick Rowan and Government Investigations Group on Sanctions, Trade Embargo, and Export Controls
When the Trump Administration designated Venezuelan state-owned oil producer Petreoleos de Venezuela (“PdVSA”) on January 28, 2019, pursuant to preexisting sanctions relating to the political situation created by the Maduro regime, it sent a significant but not unanticipated ripple through the global petroleum markets.  The impact of the sanctions for commodities traders and petroleum refiners—particularly… Continue Reading

SEC Opens Cease-and-Desist Order Proceeding against Broker-Dealer and Chief Compliance / AML Officer

By Jeffrey M. Hanna and McGuireWoods LLP on Anti-Money Laundering, Enforcement and Prosecution Policy and Trends, Securities and Commodities
As we have highlighted in prior posts, regulators of financial institutions, including FinCEN, FINRA and SEC, have increasingly brought actions to bring organizations – and individuals – into compliance with AML / BSA obligations.  This enforcement activity is consistent with FinCEN’s August 2014 Advisory, now nearly three years old, emphasizing the idea that U.S. financial institutions… Continue Reading

FinCEN Opens 2017 with SAR Sharing Guidance for Casinos

By Jeffrey M. Hanna, Matthew Orso and Patrick Rowan on Anti-Money Laundering, Compliance
Financial institutions’ ability to share suspicious activity reports (“SARs”) within the corporate organizational structure serves as an important tool for Bank Secrecy Act compliance and risk avoidance.  FinCEN began 2017 by reminding casinos of their ability to share information under this rule. Subject to certain limitations, casinos may share with domestic parents and affiliates suspicious… Continue Reading

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