Merry Christmas! Section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the Anti-Money Laundering Act […]
Category: Beneficial Ownership & Customer Due Diligence
Beneficial Ownership Database – Now That We Know What Goes In, Let’s Turn to What Will Come Out
Access to the Database – None for the Public, Limited for Financial Institutions, Difficult for Law Enforcement On September 30, […]
Beneficial Ownership Information Reporting – Will it Reduce Financial Crimes?
On September 29, 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published a final rule setting out the […]
Beneficial Ownership Information Reporting Requirements – Richards Comments on FinCEN’s Proposed Rule
Re: Beneficial Ownership Information Reporting Requirements, Anti-Money Laundering Act of 2020 Notice of Proposed Rule Making, Docket Number FINCEN-2021-0005 and […]
Wyoming Shelf Companies are Flying Off the Shelf!
“A growing niche in the shell business is shelf corporations. Like paper-only shells, which enable the secrecy-minded to hide real […]
OpenCorporates’ Database of 200 Million Global Companies – A Valuable Anti-Financial Crime Tool
The U.S. Treasury Department has tapped into the largest open database of companies in the world, but that database does […]
Corporate Transparency Act: Shell Companies, Shelf Companies, and Front Companies (and SPACs)
Bad actors and nation states, such as China and Russia, are becoming more proficient in using our financial system to […]
The Corporate Transparency Act of 2020 … The Good, The Bad, and the Ugly
Corporate Transparency Act – There’s much that is Good, but there’s also some things that are Bad and other things […]
AML Act of 2020: Renewing America’s AML/CFT Regime
Executive Summary of the AML Act of 2020 On December 3, 2020 the Senate and House jointly issued a Conference […]
Anti-Money Laundering Act of 2020 – “Pay to Play” Arrives and Perhaps We Have An Answer to the Whereabouts of Section 314(d)
The Senate Banking Committee’s top Republican (Senator Crapo from Idaho) and top Democrat (Senator Brown from Ohio) have joined forces […]