Thursday, November 2, 2023
9:05 AM
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10:05 AM
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Presented by the Business Law, Estates and Probate, and Tax Sections
About the Program
Congress enacted the Corporate Transparency Act (“CTA”) at the beginning of 2021. The CTA represents the most significant anti-money laundering legislation adopted in the United States since 2001, and is intended to improve financial transparency and to combat the use of anonymous entities, such as corporations and limited liability companies, for illicit purposes such as money laundering, tax evasion and the financing of terrorism. Treasury’s Financial Crimes Enforcement Network, “FinCEN”, released final regulations implementing the disclosure component of the CTA on September 30, 2022 (the “Final Disclosure Regulations”), outlining the regulatory framework requiring “reporting companies” to disclose to FinCEN identifying information about their “beneficial owners” and “company applicants.”
This presentation briefly outlines the context of the global push towards financial transparency and the international and domestic pressures faced by the United States to take action on financial transparency. This presentation then summarizes the CTA and the Final Disclosure Regulations, the entities to which it applies, the information that is required to be reported and other important aspects of the Regulations. This presentation then summarizes the American College of Trust and Estates Counsel’s (ACTEC) comments to FinCEN’s Notice of Proposed Rulemaking for Proposed Regulations issued in December 2021, which focused specifically on the application of the Regulations to private trusts.
This presentation will then briefly touch on the New York LLC Transparency Act, which passed both houses of the New York legislature, but which, as of October 12, 2023, has not yet been signed by the Governor.
You Will Learn
- Some background on the global fight against money laundering and terrorist financing, and the efforts of the international community to improve transparency in the financial system
- About the United States’ current approach with respect to transparency through the Corporate Transparency Act
- How to advise clients on these new compliance obligations
Who Should Attend
Attorneys interested in the Corporate Transparency Act.
Credit
CT: 1.0 CLE Credit (General)
NY: 1.0 CLE Credit (AOP)
The Connecticut Bar Association/CT Bar Institute is an accredited provider of New York State CLE. This program qualifies for newly admitted and experienced attorneys CLE credits.
Attorneys seeking NY CLE credit who have been admitted to the New York State Bar for two years or less must attend the live seminar for skills or ethics credit, a fully interactive videoconference, or simultaneous transmission with synchronous interactivity. Diversity, Inclusion and Elimination of Bias CLE credits are only available as non-transitional credits. For further information please see the NYCourts.gov page on CLE: http://ww2.nycourts.gov/attorneys/cle/index.shtml.