New Corporate Transparency Act: Beneficial Owner Reporting Requirements, Civil and Criminal Penalties
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will provide corporate counsel with guidance on the requirements of the Corporate Transparency Act of 2021 (CTA), which would 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.
Outline
- Corporate Transparency Act
- Creation of Financial Crimes Enforcement Network
- Reporting requirements
- Beneficial owner
- LLCs/corporations vs. partnerships/trusts
- Penalties
- Civil
- Criminal
Benefits
The panel will review these and other relevant issues:
- What reporting requirements does the CTA include?
- When may CTA compliance apply to partnerships and trusts?
- What are the penalties for noncompliance?
- When are CTA regulations likely to be finalized?
Faculty
Jeremy Kuester
Counsel
White & Case
Mr. Kuester is a member of the firm’s Global Financial Services Regulatory practice. He has extensive experience... | Read More
Mr. Kuester is a member of the firm’s Global Financial Services Regulatory practice. He has extensive experience with Bank Secrecy Act (BSA) regulations, legislation, compliance, and policy. Mr. Kuester’s practice includes advising banks and other financial services companies on the laws and regulations involving anti-money laundering and financial intelligence, including how they intersect with developments in financial technology (FinTech), regulatory technology (RegTech), and supervisory technology (SupTech). He also has an interest in assisting financial institutions who have been “de-risked” to re-obtain access to correspondent accounts by updating and enhancing their anti-financial crime compliance policies and controls. Mr. Kuester is a former Deputy Associate Director for the Policy Division at the Financial Crimes Enforcement Network (FinCEN).
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Daniel B. Tehrani
Partner
Morgan, Lewis & Bockius
Mr. Tehrani, a former federal prosecutor, represents clients in white collar criminal matters, government... | Read More
Mr. Tehrani, a former federal prosecutor, represents clients in white collar criminal matters, government investigations, and appeals. He handles a wide range of matters including anti-money laundering (AML), insider trading, accounting fraud, healthcare fraud and False Claims Act (FCA) violations. Mr. Tehrani also advises clients facing securities litigation and enforcement matters. Prior to joining the firm he served for more than nine years as an Assistant US Attorney in the US Attorney’s Office for the Southern District of New York, where he was deputy chief of the Appeals Unit.
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