Department of Treasury Corporate Transparency Act Compliance
Date: Dec 8, 2023 1:00 p.m. – 2:40 p.m.
Member Price: $99
Non-Member Price: $125
- Fay L. Szakal, Esq.
- Greenbaum, Rowe, Smith & Davis LLP, Iselin
Presented in cooperation with the NJSBA Federal Practice and Procedure Section
Beginning Jan. 1, 2024 small to mid-sized businesses nationwide must provide details regarding beneficial owners and applicants to the Financial Crimes Enforcement Network of the U.S. Department of Treasury. Although this information is not being collected with the intention that it be released to the public, the information may be disclosed to law enforcement and regulatory authorities.
The stated goal is to combat terrorism and the associated money laundering activities of criminals and threats to the American public. There are concerns that the information may be misused.
Attendees will hear about the history of the Anti-Money Laundering Act of 2020 as a component of the National Defense Authorization Act for Fiscal Year 2021 and specifically of the Corporate Transparency Act. Attorneys who represent businesses and who apply for business corporate status through the Office of the Secretary of State will need to know their obligations and that of their clients to meet compliance deadlines and avoid liquidated civil and potential criminal penalties arising from the Act.
Please join us for a summary of the law, compliance requirements, risks of non-compliance and discussion regarding the risks of this federal law to attorneys, their corporation clients and business owners.
- 1:00 - Background on the Anti-Money Laundering law, FinCEN overview referencing the Corporate Transparency Act development and its components.
- 1:15 - What is a Reporting Company under the Corporate Transparency Act and what are the exemptions?
- 1:40 - Who are Beneficial Owners under the Corporate Transparency Act, and what qualifies under the test?
- 1:55 - What are Company Applicants under the Corporate Transparency Act and is it you?
- 2:05 - What is a FinCEN identifier and do you need one?
- 2:10 - How often do I have to report? What are the penalties? Is there a safe harbor?
- 2:20 - Security considerations: Who will have access to this database and what could it be used for?
- 2:30 - How do we counsel our clients? What are the risks of liability to counsel? How do we work with our professional liability insurer and our accountants? Followed by dialogue and Question & Answer.
- 2:40 - Adjourn