Corporate Transparency Act: FinCEN's Final Rules, New Guidance on Beneficial Ownership Information Reporting
Reporting Requirements Effective Jan. 1, 2024
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's (CTA) requirements, including the U.S. Department of the Treasury's Financial Crimes Enforcement Network's (FinCEN) final rules and guidance on the forthcoming beneficial ownership information reporting rule (BOI Reporting Rule). The BOI Reporting Rule, effective Jan. 1, 2024, 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. Learn the key components of FinCEN's final rules, including who must file a report, what information must be provided, and when a report is due.
Outline
- Corporate Transparency Act: beneficial ownership disclosure
- Reporting requirements
- Beneficial owners
- Company applicants
- Disclosure requirements
- Entities exempt from reporting requirements
- Time to comply
- Penalties for noncompliance
- Key takeaways
- Best practices for maintaining compliance with the rules
- Preparing for future rulemaking implementing other provisions of the CTA
Benefits
The panel will review these and other key issues:
- Who is required to report?
- What are the exemptions from reporting?
- What information is required to be reported?
- Who are beneficial owners?
- What is the deadline for filing the initial beneficial ownership report?
- How is beneficial ownership information reported?
- Is the information reported to FinCEN available to the public?
- What are the penalties for failing to report?
- Once an initial report is filed is it required to be updated?
Faculty
Eddie A. Jauregui
Partner
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
Kimberly Lowe
Attorney
Avisen Legal
For over 20 years Ms. Lowe has lawyered from the trenches with experience based on a comprehensive knowledge and... | Read More
For over 20 years Ms. Lowe has lawyered from the trenches with experience based on a comprehensive knowledge and understanding of how both for-profit and nonprofit enterprises operate. She guides entrepreneurs, executive management teams, boards of directors, multigenerational families, shareholders and investors through all aspects of the business life cycle from formation to operation to exit. Ms. Lowe works with social ventures, private and public companies, limited liability companies and partnerships, nonprofit organizations and cooperatives. She helps her clients navigate through general business matters, corporate governance, debt and equity financing, purchase and sales, SEC and IRS compliance, business strategy joint ventures and complex reorganizations. In the nonprofit sector, Ms. Lowe has worked with all types of organizations ranging from public charities and private foundations to trade associations, churches and religious organizations and have counseled them through every intricacy of the nonprofit business life cycle.
Close
Luciano Racco
Counsel; Co-Chair, International Trade & National Security
Foley Hoag
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