A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing.
A bipartisan group of U.S. senators proposed the "ILLICIT CASH Act," which would establish federal reporting requirements to help federal and local law enforcement officials more easily access beneficial ownership information.
A broker-dealer agreed to settle charges of failing to file Suspicious Activity Reports on transactions conducted by numerous independent investment advisers through the broker-dealer's custodial platform.
Congressmen Steve Pearce (R-NM) and Blaine Luetkemar (R-MO) introduced legislation that would increase reporting thresholds for financial institutions subject to the Bank Secrecy Act, and provide a temporary safe harbor for violations of the Customer Due Diligence rule.
The New York Department of Financial Services adopted standards for filtering programs that monitor transactions for potential anti-money laundering and Bank Secrecy Act violations and block transactions that are prohibited by the Treasury's Office of Foreign Assets Control.
The CFTC Division of Swap Dealer and Intermediary Oversight reminded futures commission merchants and introducing brokers of their compliance requirements regarding suspicious activity reporting and economic sanctions programs.
The IRS reminded taxpayers who have one or more bank or financial accounts located outside of the United States, or taxpayers who have signature authority over such accounts, that they might be required to file an FBAR by June 30, 2016.
The Financial Crimes Enforcement Network reminded U.S. persons, and those with signatory authority over foreign financial accounts the aggregate value of which exceeds $10,000 at any time during a calendar year, to file their required reports on Foreign Bank and Financial Accounts (commonly known as "FBARs") by June 30, 2016.
Cadwalader attorneys reviewed proposed Treasury regulations that would require business entities formed in the United States that are owned by a single foreign person to file annual information returns with the IRS.
The National Futures Association ("NFA") issued a notice regarding a January 8, 2014, letter from the CFTC requesting that all futures commission merchants ("FCMs") and introducing brokers ("IBs") make available certain information on suspicious activity report filings. The Bank Secrecy Act and its...
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