BSA

As anticipated, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule (IFR) narrowing the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act to…

Late Sunday, the Treasury Department announced they will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines.  They further…

On February 18, 2025, the U.S. District Court for the Eastern District of Texas in the Smith, et. al. v. U.S. Department of Treasury case et al. lifted the final…

In a Compliance Clip dated Dec. 24, 2024, the IBA alerted members that a 3-judge motions panel of the Fifth Circuit Court of Appeals had lifted…

On Dec. 4, 2024, the IBA alerted our members that the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the…

The U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA).  Earlier this year, a lawsuit…

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced it is transitioning to a single, online platform to receive questions from the public with the goal…

On July 26th, the Financial Crimes Enforcement Network (FinCEN) issued a two-page customer reference guide regarding the beneficial ownership reporting requirements under the Corporate Transparency Act (CTA). FinCEN encourages financial…

On June 9, 2023, the Office of Foreign Assets Control (OFAC) announced its plans to retire the FTP server on or about June 10, 2024.  The FTP server is the…

On March 1, 2024, a federal district court in the Northern District of Alabama concluded that the Corporate Transparency Act — the rule responsible for the Beneficial Ownership Registry —…