Subject to Inquiry

Subject to Inquiry

THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

Lauren Mann

Photo of Lauren Mann Lauren is a litigator in McGuireWoods’ nationally-recognized Government Investigations and White Collar Department. She represents cross-border, international companies and individual clients in government and internal investigations. She also represents financial services clients in complex securities matters, focusing on regulatory investigations and enforcement actions, and internal investigations.

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DOJ Seeks Supreme Court Review of CTA Injunction

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

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

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

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 The appellate court’s unpublished order in Texas Top Cop Shop v. Garland reinstates the act, which has a year-end deadline… Continue Reading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

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

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

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

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

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

Bank Secrecy Act’s Anti-Money Laundering and Counter Terrorism Financing Requirements to Apply to Investment Advisers

Anti-Money Laundering
The Bank Secrecy Act (“BSA”) establishes program, recordkeeping, and reporting requirements for certain financial institutions to combat and detect money laundering, terrorist financing, and other illicit activities.  On February 13, 2024, FinCEN proposed new rules which expand the scope of the BSA to include certain investment advisers, which currently are not subject to any federal… Continue Reading

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

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

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

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

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

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

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