Corporate Transparency Act: FinCEN's Final Rules, New Guidance on Beneficial Ownership Information Reporting
A live 90-minute CLE video webinar with interactive Q&A
This CLE course will provide corporate counsel with guidance on the Corporate Transparency Act's (CTA) requirements, including the U.S. Department of the Treasury's Financial Crimes Enforcement Network's (FinCEN) final rules and guidance on the forthcoming beneficial ownership information reporting rule (BOI reporting rule). The BOI reporting rule, which became effective Jan. 1, 2024, requires millions of "reporting companies" to report information on their beneficial owners to FinCEN and sets forth both civil and criminal penalties for those owners who fail to comply. Learn the key components of FinCEN's final rules, including who must file a report, what information must be provided, and when a report is due.
Outline
- Corporate Transparency Act: beneficial ownership disclosure
- Reporting requirements
- Beneficial owners
- Company applicants
- Disclosure requirements
- Entities exempt from reporting requirements
- Time to comply
- Penalties for noncompliance
- Key takeaways
- Best practices for maintaining compliance with the rules
- Preparing for future rulemaking implementing other provisions of the CTA
Benefits
The panel will review these and other key issues:
- Who is required to report?
- What are the exemptions from reporting?
- What information is required to be reported?
- Who are beneficial owners?
- What is the deadline for filing the initial beneficial ownership report?
- How is beneficial ownership information reported?
- Is the information reported to FinCEN available to the public?
- What are the penalties for failing to report?
- Once an initial report is filed, is it required to be updated?
Faculty
Luciano Racco
Counsel; Co-Chair, International Trade & National Security
Foley Hoag
Mr. Racco advises clients on a wide range of international trade regulations, including sanctions and export controls... | Read More
Mr. Racco advises clients on a wide range of international trade regulations, including sanctions and export controls under the Export Administration Regulations, Foreign Trade Regulations, International Traffic in Arms Regulations), and Office of Foreign Assets Control regulations. He also routinely counsels clients on the Committee on Foreign Investment in the United States (CFIUS) regulations, anti-boycott laws, Withhold Release Orders, and anti-corruption laws including the Foreign Corrupt Practices Act. Mr. Racco provides clients with a variety of trade compliance services, such as: transaction-related due diligence; counseling on, and the preparation of, filings to CFIUS; determining the export classifications of products; advising on and preparing export license applications; providing advice and counsel on a wide range of sanctions questions; complying with, and challenging WROs and findings of forced labor by Customs and Border Protection; delivering compliance training; and helping clients design and implement tailored international trade compliance policies and procedures. In addition, he has conducted hundreds of internal investigations related to potential violations of international trade compliance regulations and has extensive experience drafting voluntary disclosures to relevant agencies.
Closeto be announced.
Early Discount (through 11/01/24)
Cannot Attend November 21?
Early Discount (through 11/01/24)
You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.