Tag: anti-money laundering

It Lives: Trump Administration Defends Corporate Transparency Act; May Modify its Application

On February 5, 2025, the Trump administration added a new chapter to the saga that has been implementation of the Corporate Transparency Act (CTA), filing a notice of appeal and motion for stay against an Eastern District of Texas injunction in Smith v. United States Department of the Treasury on enforcement of the CTA’s filing deadline.

In its filing, the Treasury Department stated that it would extend the filing deadline for 30 days if the stay is granted, and would use those 30 days to determine if lower-risk categories of entities should be excluded from the reach of the filing requirements. In light of the Supreme Court’s stay of the injunction in Texas Top Cop Shop, Inc., et al. v. Merrick Garland, et al., also from the Eastern District of Texas, it is likely that stay will be granted.

Passed in the first Trump administration but implemented during the Biden presidency, the CTA – an anti-money laundering law designed to combat terrorist financing, seize proceeds of drug trafficking, and root out illicit assets of sanctioned parties and foreign criminals in the United States – has faced legal challenges around the country.

The constitutionality of the CTA was challenged in several cases, with most courts upholding the law, but some issuing either preliminary injunctions or determining that the law is unconstitutional. In addition to the appeals of Texas Top Cop Shop and Smith, both before the Fifth Circuit, appeals are currently pending in the Fourth, Ninth, and Eleventh Circuits.

Although enforcement of the CTA deadline is currently paused, the granting of a stay in Smith, or a ruling by one of the circuits, could reinstate the deadline at any time, triggering the start of the 30-day clock to file. Entities may file now notwithstanding the injunction if they choose to do so, and entities may wish to complete the filing so that they do not need to monitor the situation and to avoid high traffic to the filing website in the event a deadline is reimposed.

Please note that if you file or have already filed and the law is ultimately found unconstitutional or otherwise overturned or rescinded, you will not be under any continuing obligation regarding that filing.

Entities can, of course, choose not to file or to keep filings updated. However, be aware that in addition to the potential need to file on short notice should the preliminary injunction be limited, stayed, or overturned, financial institutions may inquire as to whether the entity has filed a CTA and could require filing as part of the financial institution’s anti-money laundering program.

©2025 Pierce Atwood LLP. All rights reserved.
For more on the CTA, visit the NLR Corporate Business Organizations section

Agencies and Regulators Focus on AML Compliance for Cryptocurrency Industry

This year, regulators, supported by a slate of new legislation, have focused more of their efforts on AML violations and compliance deficiencies than ever before. As we have written about in the “AML Enforcement Continues to Trend in 2021” advisory, money laundering provisions in the National Defense Authorization Act for fiscal year 2021 (the NDAA) expanded the number of businesses required to report suspicious transactions, provided new tools to law enforcement to subpoena foreign banks, expanded the AML whistleblower program, and increased fines and penalties for companies who violate anti-money laundering provisions. The NDAA, consistent with Treasury regulations, also categorized cryptocurrencies as the same as fiat currencies for purposes of AML compliance.

In addition, as discussed in the “Businesses Must Prepare for Expansive AML Reporting of Beneficial Ownership Interests” advisory, the NDAA imposed new obligations on corporations, limited liability companies, and similar entities to report beneficial ownership information. Although the extent of that reporting has not yet been defined, the notice of proposed rulemaking issued by FinCEN raises serious concerns that the Treasury Department may require businesses to report beneficial ownership information for corporate affiliates, parents and subsidiaries; as well as to detail the entity’s relationship to the beneficial owner. Shortly after passage of the NDAA, Treasury Secretary Janet Yellen stressed that the Act “couldn’t have come at a better time,” and pledged to prioritize its implementation.

Money laundering in the cryptocurrency space has attracted increased attention from regulators and the IRS may soon have an additional tool at its disposal if H.R. 3684 (the bipartisan infrastructure bill) is signed into law. That bill includes AML provisions that would require stringent reporting of cryptocurrency transactions by brokers. If enacted, the IRS will be able to use these reports to identify large transfers of cryptocurrency assets, conduct money laundering investigations, and secure additional taxable income. Who qualifies as a “broker,” however, is still up for debate but some fear the term may be interpreted to encompass cryptocurrency miners, wallet providers and other software developers. According to some cryptocurrency experts, such an expansive reporting regime would prove unworkable for the industry. In response, an anonymous source from the Treasury Department told Bloomberg News that Treasury was already working on guidance to limit the scope of the term.

In addition to these legislative developments, regulators are already staking their claims over jurisdiction to conduct AML investigations in the cryptocurrency area. This month, SEC Chair Gary Gensler, in arguing that the SEC had broad authority over cryptocurrency, claimed that cryptocurrency was being used to “skirt our laws,” and likened the cryptocurrency space to “the Wild West . . . rife with fraud, scams, and abuse” — a sweeping allegation that received much backlash from not only cryptocurrency groups, but other regulators as well. CFTC Commissioner Brian Quintez, for example, tweeted in response: “Just so we’re all clear here, the SEC has no authority over pure commodities . . . [including] crypto assets.” Despite this disagreement, both regulatory agencies have collected millions of dollars in penalties from companies alleged to have violated AML laws or BSA reporting requirements. Just last week, a cryptocurrency exchange reached a $100 million settlement with FinCEN and the CFTC, stemming from allegations that the exchange did not conduct adequate due diligence and failed to report suspicious transactions.

With so many governmental entities focused on combatting money laundering, companies in the cryptocurrency space must stay abreast of these fast-moving developments. The combination of increased reporting obligations, additional law enforcement tools, and heightened penalties make it essential for cryptocurrency firms to institute strong compliance programs, update their AML manuals and policies, conduct regular self-assessments, and adequately train their employees. Companies should also expect additional regulations to be issued and new legislation to be enacted in the coming year. Stay tuned.

©2021 Katten Muchin Rosenman LLP

FATCA Compliance Conference – December 4-5, 2012

The National Law Review is pleased to bring you information regarding the upcoming FATCA Compliance Conference December 4-5, 2012 in New York City:

Implementing FATCA compliance standards will come with challenges for financial institutions across the globe. It is imperative that organizations and individuals, who oversee FATCA compliance regulations adequately prepare, understand and comply with the standards of the new regulations. The marcus evans FATCA Compliance Conference, December 4-5, 2012 in New York, NY will focus on the main concerns and issues with the upcoming compliance expectations under FATCA and analyze the existing requirements and how financial organizations can adequately comply.

Join industry leading experts, including key speakers:

  • Kathleen G. Dugan, Senior Vice President, Corporate and Institutional Services at Northern Trust
  • Jason Vasquez, Senior VP, BSA/AML Officer at Provident Bank
  • Kevin V. Sullivan, Head, North American Tax Operations Vice President at BNP Paribas Corporate & Investment Banking
  • Bill Holmes, Director, International Data Management at US Internal Revenue Services
  • Michael N. Obolensky, Senior Regulatory Counsel at Lloyds Bank

Attending this premiere marcus evans conference will enable you to:

  • Discuss the fundamental challenges with FATCA compliance as it relates to clarification of terms and definitions
  • Review the advantages of leveraging current Anti-Money Laundering (AML) programs in order to implement FATCA compliance
  • Discuss FATCA’s impact on insurance companies application and implementation process
  • Evaluate the growing concern of violating privacy rules as it relates to disclosure of client information

Attendees will benefit from a dynamic peer-to-peer presentation format consisting of workshops, interactive panel discussions and case studies. Each network and interactive session will be followed by 10-15 minutes of Q&A affording all in attendance an opportunity to get the answers to questions affecting their business. Moreover, 4+ hours of networking opportunities will supply attendees with benchmarking and best practices.

For more information, please contact Michele Westergaard at 312-540-3000 ext. 6625 or Michelew@marcusevansch.com.

For a full list speakers and topics, visit http://www.marcusevans-conferences-Northamerican.com/FATCA_NLRB

FATCA Compliance Conference – December 4-5, 2012

The National Law Review is pleased to bring you information regarding the upcoming FATCA Compliance Conference December 4-5, 2012 in New York City:

Implementing FATCA compliance standards will come with challenges for financial institutions across the globe. It is imperative that organizations and individuals, who oversee FATCA compliance regulations adequately prepare, understand and comply with the standards of the new regulations. The marcus evans FATCA Compliance Conference, December 4-5, 2012 in New York, NY will focus on the main concerns and issues with the upcoming compliance expectations under FATCA and analyze the existing requirements and how financial organizations can adequately comply.

Join industry leading experts, including key speakers:

  • Kathleen G. Dugan, Senior Vice President, Corporate and Institutional Services at Northern Trust
  • Jason Vasquez, Senior VP, BSA/AML Officer at Provident Bank
  • Kevin V. Sullivan, Head, North American Tax Operations Vice President at BNP Paribas Corporate & Investment Banking
  • Bill Holmes, Director, International Data Management at US Internal Revenue Services
  • Michael N. Obolensky, Senior Regulatory Counsel at Lloyds Bank

Attending this premiere marcus evans conference will enable you to:

  • Discuss the fundamental challenges with FATCA compliance as it relates to clarification of terms and definitions
  • Review the advantages of leveraging current Anti-Money Laundering (AML) programs in order to implement FATCA compliance
  • Discuss FATCA’s impact on insurance companies application and implementation process
  • Evaluate the growing concern of violating privacy rules as it relates to disclosure of client information

Attendees will benefit from a dynamic peer-to-peer presentation format consisting of workshops, interactive panel discussions and case studies. Each network and interactive session will be followed by 10-15 minutes of Q&A affording all in attendance an opportunity to get the answers to questions affecting their business. Moreover, 4+ hours of networking opportunities will supply attendees with benchmarking and best practices.

For more information, please contact Michele Westergaard at 312-540-3000 ext. 6625 or Michelew@marcusevansch.com.

For a full list speakers and topics, visit http://www.marcusevans-conferences-Northamerican.com/FATCA_NLRB

FATCA Compliance Conference – December 4-5, 2012

The National Law Review is pleased to bring you information regarding the upcoming FATCA Compliance Conference December 4-5, 2012 in New York City:

Implementing FATCA compliance standards will come with challenges for financial institutions across the globe. It is imperative that organizations and individuals, who oversee FATCA compliance regulations adequately prepare, understand and comply with the standards of the new regulations. The marcus evans FATCA Compliance Conference, December 4-5, 2012 in New York, NY will focus on the main concerns and issues with the upcoming compliance expectations under FATCA and analyze the existing requirements and how financial organizations can adequately comply.

Join industry leading experts, including key speakers:

  • Kathleen G. Dugan, Senior Vice President, Corporate and Institutional Services at Northern Trust
  • Jason Vasquez, Senior VP, BSA/AML Officer at Provident Bank
  • Kevin V. Sullivan, Head, North American Tax Operations Vice President at BNP Paribas Corporate & Investment Banking
  • Bill Holmes, Director, International Data Management at US Internal Revenue Services
  • Michael N. Obolensky, Senior Regulatory Counsel at Lloyds Bank

Attending this premiere marcus evans conference will enable you to:

  • Discuss the fundamental challenges with FATCA compliance as it relates to clarification of terms and definitions
  • Review the advantages of leveraging current Anti-Money Laundering (AML) programs in order to implement FATCA compliance
  • Discuss FATCA’s impact on insurance companies application and implementation process
  • Evaluate the growing concern of violating privacy rules as it relates to disclosure of client information

Attendees will benefit from a dynamic peer-to-peer presentation format consisting of workshops, interactive panel discussions and case studies. Each network and interactive session will be followed by 10-15 minutes of Q&A affording all in attendance an opportunity to get the answers to questions affecting their business. Moreover, 4+ hours of networking opportunities will supply attendees with benchmarking and best practices.

For more information, please contact Michele Westergaard at 312-540-3000 ext. 6625 or Michelew@marcusevansch.com.

For a full list speakers and topics, visit http://www.marcusevans-conferences-Northamerican.com/FATCA_NLRB

FATCA Compliance Conference – December 4-5, 2012

The National Law Review is pleased to bring you information regarding the upcoming FATCA Compliance Conference December 4-5, 2012 in New York City:

Implementing FATCA compliance standards will come with challenges for financial institutions across the globe. It is imperative that organizations and individuals, who oversee FATCA compliance regulations adequately prepare, understand and comply with the standards of the new regulations. The marcus evans FATCA Compliance Conference, December 4-5, 2012 in New York, NY will focus on the main concerns and issues with the upcoming compliance expectations under FATCA and analyze the existing requirements and how financial organizations can adequately comply.

Join industry leading experts, including key speakers:

  • Kathleen G. Dugan, Senior Vice President, Corporate and Institutional Services at Northern Trust
  • Jason Vasquez, Senior VP, BSA/AML Officer at Provident Bank
  • Kevin V. Sullivan, Head, North American Tax Operations Vice President at BNP Paribas Corporate & Investment Banking
  • Bill Holmes, Director, International Data Management at US Internal Revenue Services
  • Michael N. Obolensky, Senior Regulatory Counsel at Lloyds Bank

Attending this premiere marcus evans conference will enable you to:

  • Discuss the fundamental challenges with FATCA compliance as it relates to clarification of terms and definitions
  • Review the advantages of leveraging current Anti-Money Laundering (AML) programs in order to implement FATCA compliance
  • Discuss FATCA’s impact on insurance companies application and implementation process
  • Evaluate the growing concern of violating privacy rules as it relates to disclosure of client information

Attendees will benefit from a dynamic peer-to-peer presentation format consisting of workshops, interactive panel discussions and case studies. Each network and interactive session will be followed by 10-15 minutes of Q&A affording all in attendance an opportunity to get the answers to questions affecting their business. Moreover, 4+ hours of networking opportunities will supply attendees with benchmarking and best practices.

For more information, please contact Michele Westergaard at 312-540-3000 ext. 6625 or Michelew@marcusevansch.com.

For a full list speakers and topics, visit http://www.marcusevans-conferences-Northamerican.com/FATCA_NLRB

FATCA Compliance Conference – December 4-5, 2012

The National Law Review is pleased to bring you information regarding the upcoming FATCA Compliance Conference December 4-5, 2012 in New York City:

Implementing FATCA compliance standards will come with challenges for financial institutions across the globe. It is imperative that organizations and individuals, who oversee FATCA compliance regulations adequately prepare, understand and comply with the standards of the new regulations. The marcus evans FATCA Compliance Conference, December 4-5, 2012 in New York, NY will focus on the main concerns and issues with the upcoming compliance expectations under FATCA and analyze the existing requirements and how financial organizations can adequately comply.

Join industry leading experts, including key speakers:

  • Kathleen G. Dugan, Senior Vice President, Corporate and Institutional Services at Northern Trust
  • Jason Vasquez, Senior VP, BSA/AML Officer at Provident Bank
  • Kevin V. Sullivan, Head, North American Tax Operations Vice President at BNP Paribas Corporate & Investment Banking
  • Bill Holmes, Director, International Data Management at US Internal Revenue Services
  • Michael N. Obolensky, Senior Regulatory Counsel at Lloyds Bank

Attending this premiere marcus evans conference will enable you to:

  • Discuss the fundamental challenges with FATCA compliance as it relates to clarification of terms and definitions
  • Review the advantages of leveraging current Anti-Money Laundering (AML) programs in order to implement FATCA compliance
  • Discuss FATCA’s impact on insurance companies application and implementation process
  • Evaluate the growing concern of violating privacy rules as it relates to disclosure of client information

Attendees will benefit from a dynamic peer-to-peer presentation format consisting of workshops, interactive panel discussions and case studies. Each network and interactive session will be followed by 10-15 minutes of Q&A affording all in attendance an opportunity to get the answers to questions affecting their business. Moreover, 4+ hours of networking opportunities will supply attendees with benchmarking and best practices.

For more information, please contact Michele Westergaard at 312-540-3000 ext. 6625 or Michelew@marcusevansch.com.

For a full list speakers and topics, visit http://www.marcusevans-conferences-Northamerican.com/FATCA_NLRB

FATCA Compliance Conference – December 4-5, 2012

The National Law Review is pleased to bring you information regarding the upcoming FATCA Compliance Conference December 4-5, 2012 in New York City:

Implementing FATCA compliance standards will come with challenges for financial institutions across the globe. It is imperative that organizations and individuals, who oversee FATCA compliance regulations adequately prepare, understand and comply with the standards of the new regulations. The marcus evans FATCA Compliance Conference, December 4-5, 2012 in New York, NY will focus on the main concerns and issues with the upcoming compliance expectations under FATCA and analyze the existing requirements and how financial organizations can adequately comply.

Join industry leading experts, including key speakers:

  • Kathleen G. Dugan, Senior Vice President, Corporate and Institutional Services at Northern Trust
  • Jason Vasquez, Senior VP, BSA/AML Officer at Provident Bank
  • Kevin V. Sullivan, Head, North American Tax Operations Vice President at BNP Paribas Corporate & Investment Banking
  • Bill Holmes, Director, International Data Management at US Internal Revenue Services
  • Michael N. Obolensky, Senior Regulatory Counsel at Lloyds Bank

Attending this premiere marcus evans conference will enable you to:

  • Discuss the fundamental challenges with FATCA compliance as it relates to clarification of terms and definitions
  • Review the advantages of leveraging current Anti-Money Laundering (AML) programs in order to implement FATCA compliance
  • Discuss FATCA’s impact on insurance companies application and implementation process
  • Evaluate the growing concern of violating privacy rules as it relates to disclosure of client information

Attendees will benefit from a dynamic peer-to-peer presentation format consisting of workshops, interactive panel discussions and case studies. Each network and interactive session will be followed by 10-15 minutes of Q&A affording all in attendance an opportunity to get the answers to questions affecting their business. Moreover, 4+ hours of networking opportunities will supply attendees with benchmarking and best practices.

For more information, please contact Michele Westergaard at 312-540-3000 ext. 6625 or Michelew@marcusevansch.com.

For a full list speakers and topics, visit http://www.marcusevans-conferences-Northamerican.com/FATCA_NLRB

FATCA Compliance Conference – December 4-5, 2012

The National Law Review is pleased to bring you information regarding the upcoming FATCA Compliance Conference December 4-5, 2012 in New York City:

Implementing FATCA compliance standards will come with challenges for financial institutions across the globe. It is imperative that organizations and individuals, who oversee FATCA compliance regulations adequately prepare, understand and comply with the standards of the new regulations. The marcus evans FATCA Compliance Conference, December 4-5, 2012 in New York, NY will focus on the main concerns and issues with the upcoming compliance expectations under FATCA and analyze the existing requirements and how financial organizations can adequately comply.

Join industry leading experts, including key speakers:

  • Kathleen G. Dugan, Senior Vice President, Corporate and Institutional Services at Northern Trust
  • Jason Vasquez, Senior VP, BSA/AML Officer at Provident Bank
  • Kevin V. Sullivan, Head, North American Tax Operations Vice President at BNP Paribas Corporate & Investment Banking
  • Bill Holmes, Director, International Data Management at US Internal Revenue Services
  • Michael N. Obolensky, Senior Regulatory Counsel at Lloyds Bank

Attending this premiere marcus evans conference will enable you to:

  • Discuss the fundamental challenges with FATCA compliance as it relates to clarification of terms and definitions
  • Review the advantages of leveraging current Anti-Money Laundering (AML) programs in order to implement FATCA compliance
  • Discuss FATCA’s impact on insurance companies application and implementation process
  • Evaluate the growing concern of violating privacy rules as it relates to disclosure of client information

Attendees will benefit from a dynamic peer-to-peer presentation format consisting of workshops, interactive panel discussions and case studies. Each network and interactive session will be followed by 10-15 minutes of Q&A affording all in attendance an opportunity to get the answers to questions affecting their business. Moreover, 4+ hours of networking opportunities will supply attendees with benchmarking and best practices.

For more information, please contact Michele Westergaard at 312-540-3000 ext. 6625 or Michelew@marcusevansch.com.

For a full list speakers and topics, visit http://www.marcusevans-conferences-Northamerican.com/FATCA_NLRB

FATCA Compliance Conference – December 4-5, 2012

The National Law Review is pleased to bring you information regarding the upcoming FATCA Compliance Conference December 4-5, 2012 in New York City:

Implementing FATCA compliance standards will come with challenges for financial institutions across the globe. It is imperative that organizations and individuals, who oversee FATCA compliance regulations adequately prepare, understand and comply with the standards of the new regulations. The marcus evans FATCA Compliance Conference, December 4-5, 2012 in New York, NY will focus on the main concerns and issues with the upcoming compliance expectations under FATCA and analyze the existing requirements and how financial organizations can adequately comply.

Join industry leading experts, including key speakers:

  • Kathleen G. Dugan, Senior Vice President, Corporate and Institutional Services at Northern Trust
  • Jason Vasquez, Senior VP, BSA/AML Officer at Provident Bank
  • Kevin V. Sullivan, Head, North American Tax Operations Vice President at BNP Paribas Corporate & Investment Banking
  • Bill Holmes, Director, International Data Management at US Internal Revenue Services
  • Michael N. Obolensky, Senior Regulatory Counsel at Lloyds Bank

Attending this premiere marcus evans conference will enable you to:

  • Discuss the fundamental challenges with FATCA compliance as it relates to clarification of terms and definitions
  • Review the advantages of leveraging current Anti-Money Laundering (AML) programs in order to implement FATCA compliance
  • Discuss FATCA’s impact on insurance companies application and implementation process
  • Evaluate the growing concern of violating privacy rules as it relates to disclosure of client information

Attendees will benefit from a dynamic peer-to-peer presentation format consisting of workshops, interactive panel discussions and case studies. Each network and interactive session will be followed by 10-15 minutes of Q&A affording all in attendance an opportunity to get the answers to questions affecting their business. Moreover, 4+ hours of networking opportunities will supply attendees with benchmarking and best practices.

For more information, please contact Michele Westergaard at 312-540-3000 ext. 6625 or Michelew@marcusevansch.com.

For a full list speakers and topics, visit http://www.marcusevans-conferences-Northamerican.com/FATCA_NLRB