Corporate Transparency Act: Beneficial Owner Reporting Requirements, Penalties, FinCEN Proposed Rules
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will provide corporate counsel with guidance on the Corporate Transparency Act of 2021 (CTA) requirements, which will create a beneficial ownership registry within the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). This new legislation requires millions of "reporting companies" to report information on their "beneficial owners" to FinCEN and sets forth both civil and criminal penalties for those owners that fail to comply.
- Background and Purpose of CTA
- “Reporting Companies” and Obligations to Report
- Exemptions from CTA’s Reporting Obligations
- Penalties and Enforcement Landscape
- Practical Considerations for Impacted Companies and Industries
- Preparing for Implementation of the CTA
- Upcoming Regulatory Actions
The panel will review these and other relevant issues:
- What reporting requirements does the CTA include?
- Who is exempt from the reporting requirements?
- What are the penalties for noncompliance?
- When are CTA regulations likely to be finalized?
Eddie A. Jauregui
Holland & Knight
A former federal prosecutor, Mr. Jauregui focuses on internal corporate investigations, corporate compliance and... | Read More
A former federal prosecutor, Mr. Jauregui focuses on internal corporate investigations, corporate compliance and training, False Claims Act matters, white collar criminal defense, and complex business disputes. His clients include senior corporate officers and directors, financial institutions, product manufacturers, energy companies, entertainment companies, real estate developers and other corporate entities. Prior to joining Holland & Knight, Mr. Jauregui served as an Assistant U.S. Attorney in the Los Angeles U.S. Attorney's Office, where he prosecuted high-profile fraud and public corruption cases. He currently serves as an adjunct lecturer in law at the University of Southern California Gould School of Law.Close
Counsel; Co-Chair, Trade Sanctions & Export Controls Practice
Mr. Racco advises clients on a wide range of international trade regulations, including sanctions and export controls... | Read More
Mr. Racco advises clients on a wide range of international trade regulations, including sanctions and export controls under the Export Administration Regulations, Foreign Trade Regulations, International Traffic in Arms Regulations), and Office of Foreign Assets Control regulations. He also routinely counsels clients on the Committee on Foreign Investment in the United States (CFIUS) regulations, anti-boycott laws, Withhold Release Orders, and anti-corruption laws including the Foreign Corrupt Practices Act. Mr. Racco provides clients with a variety of trade compliance services, such as: transaction-related due diligence; counseling on, and the preparation of, filings to CFIUS; determining the export classifications of products; advising on and preparing export license applications; providing advice and counsel on a wide range of sanctions questions; complying with, and challenging WROs and findings of forced labor by Customs and Border Protection; delivering compliance training; and helping clients design and implement tailored international trade compliance policies and procedures. In addition, he has conducted hundreds of internal investigations related to potential violations of international trade compliance regulations and has extensive experience drafting voluntary disclosures to relevant agencies.Close
Gabriela N. Smith
Ms. Smith is an experienced business attorney who assists her clients with international contractual and regulatory... | Read More
Ms. Smith is an experienced business attorney who assists her clients with international contractual and regulatory matters, as well as acts as outside general counsel to companies in the outsourcing, technology and professional services industries, providing general business law counsel and solutions. A leader within the Texas Bar, Ms. Smith is the Immediate Past Chair of the International Law Section of the Texas Bar, where she oversaw and led over 700 lawyers across Texas and the United States. She has served as M&A counsel to U.S. and foreign companies in multiple transactions across a broad range of industries, including the digital technology and human resources industries. Known for her technology transactions expertise, in 2017, Ms. Smith was the general counsel for the seller in the largest software product acquisition in Latin America with the acquisition of Grupo Synthesis by Linx S.A. (BVMF: LINX3).Close