Jonathan Wilson’s Post

A new FINCEN requirement that will surely have an impact in financial litigation and arbitration discovery in the U.S. and abroad.

The new Beneficial Ownership Information Reporting began today. The FINCEN website is live. This morning, I put together a video to walk you through some basic information. Link to watch is below https://lnkd.in/gthjHk9s I hope this clears some of the confusion about this new requirement. #businessowners #realestateinvestors #homecareagencies

Today, FinCEN added new Q&As to their FAQs regarding beneficial ownership information filings beginning on January 1, 2024. Click the link to get your questions answered. And if you still have questions, reach out! We are happy to support you. https://lnkd.in/gAaxCht5 #fincen #CorporateTransparencyAct #businesslaw

Today is a key compliance date for the Corporate Transparency Act, a major rule designed to combat illicit activity (e.g., terrorist financing, money laundering).

📣 FINALLY! Now that FinCEN's final rule on beneficial ownership is out, it's time for the fun part - updating your program! Discover the nuances and how to implement these rules effectively in our upcoming webinar on March 27th. You won't want to miss this opportunity to ensure due diligence readiness. Register TODAY. >> https://vist.ly/38pym

Why might a company or individual choose to request a FinCEN Identifier? When an individual or reporting company provides specific information to FinCEN, they can request a unique identifying number known as a FinCEN Identifier. Once obtained, this identifier can be used by reporting companies in lieu of providing four pieces of personal information about the individual in the BOI reports, as stated by FinCEN. UCS invites you to join us tomorrow at 10:00 AM EST for the highly anticipated premiere of the concluding installment in our Corporate Transparency Act series titled "What is a FinCEN Identifier?" https://lnkd.in/eGnYXhSx

There are still many questions regarding FinCEN and the Corporate Transparency Act. Our in-house thought leader, Pia Angelikis, Esq., answers some of the most important ones at https://hubs.li/Q02clx790.

Much talk is heard about the need for private fund advisers to report their beneficial owners under new FinCEN rules. Despite new FAQs, questions remain about who would have to file electronically its new Beneficial Ownership Information Report. Justin Dausch Royer Cooper Cohen Braunfeld | John Baker Stradley Ronon #RCW #RegulatoryCompliance #PrivateFunds #FinCEN #CyberThreats

Decoding Ownership Interest: Implications for FinCEN Compliance In the context of FinCEN's Beneficial Ownership Information Reporting requirements, 'Ownership Interest' is a key term used to define the extent and nature of an individual's stake or interest in a company. This concept is crucial in determining who qualifies as a beneficial owner, which has significant implications for the reporting obligations under the rule. Here’s a detailed explanation and clarification of the term and its implications: Meaning of 'Ownership Interest' Definition Ownership interest refers to the rights and stakes an individual has in a company. This can include equity, stock, voting rights, and other financial or capital interests in a company. Types of Ownership Interest The ownership interest can manifest in various forms: Equity or Stock: Shares or stock in a company representing ownership. Voting Rights: Rights attached to shares or stock that allow the holder to vote on company matters. Capital or Profit Interests: Interests that entitle the holder to a share of the company's profits and/or assets. Convertible Instruments: Financial instruments that can be converted into another form of financial interest, such as bonds convertible into shares. Options or Rights: Rights to buy or sell interests in a company at predetermined prices. Threshold for Reporting In the context of FinCEN’s reporting requirements, an individual is identified as a beneficial owner if they own or control, directly or indirectly, at least 25% of the ownership interests of a reporting company. Continue reading: https://lnkd.in/gDaVdVBq #FinCEN #FinCENBOI #BOIR #BOIReporting #CorporateTransparencyAct #AMLCompliance #Compliance #KYC #FinancialRegulations #RegTech #FinReg #AntiMoneyLaundering #CTACompliance #BOIUpdates #FinancialCrimePrevention #ComplianceSolutions #BankSecrecyAct #USFinancialRegulations #FinCENUpdates #FinancialTransparency #RiskManagement #FintechCompliance #ComplianceTraining #AMLRegulations #FinancialDueDiligence

Corporate Transparency Act Update: According to FinCEN's latest guidance, you may still need to file a BOIR for a recently dissolved entity. With Chevron being struck down by the Supreme Court, I wonder how many court challenges to FinCEN's interpretations of the CTA we are going to see?