We are very pleased to be presenting on both Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance and the Corporate Transparency Act (CTA), in partnership with the Practicing Law Institute

First, on April 8 at 1 p.m., Siana Danch will discuss issues involving the CTA during a live one-hour briefing with Sara C. Lenet of Hogan Lovells.  The briefing will dig into the following:

  • The context and stated purpose for the new Beneficial Ownership Information (BOI) reporting requirements;
  • How to determine whether an entity is a “reporting company;”
  • Timing requirements for initial BOI report filings and updated reports;
  • Identifying “beneficial owners;”
  • Identifying “company applicants;”
  • Information to be included in BOI reporting filings and process for filing;
  • Use of Financial Crime Enforcement Network (FinCEN) identifiers;
  • Who has access to BOI information reported to FinCEN;
  • Penalties for non-compliance;
  • Constitutional challenges to the CTA and related litigation considerations;
  • Anticipated revisions to the Customer Due Diligence Rule; and
  • Key takeaways, practical considerations and suggested next steps for affected entities.

Second, through an on-demand presentation now available, Kaley Schafer explains the “basics” of BSA/AML compliance, as well as the Countering Financial Terrorism (CFT) regulatory framework. The presentation discusses disclosure and record-keeping requirements, the “five pillars” of compliance, the roles of the relevant regulatory agencies, and the implications of non-compliance.  The presentation also offers practical tips on implementing the rules on a day-to-day basis.

This presentation is tailored for in-house professionals, lawyers in private practice and government, and paralegals wishing to learn the basics about BSA/AML/CFT compliance.  Because BSA/AML/CFT regulatory framework is growing and enforcement is becoming more common, a basic understanding of this area is useful and important to an expanding pool of professionals.  This presentation serves as a “primer” for those new to BSA/AML/CFT issues, and as a prelude to PLI’s expanded and more advanced 2024 Anti-Money Laundering Conference on May 23, starting at 9 a.m. in New York City (which also will be virtual). 

We hope that you take advantage of these useful and interesting briefings.  We also would like to thank our partners at PLI.

If you would like to remain updated on these issues, please click here to subscribe to Money Laundering Watch. To learn more about Ballard Spahr’s Anti-Money Laundering Team, please click here.