BSA AML Beneficial Ownership Rules

Learn to navigate the landscape of beneficial ownership reporting, ensuring your company remains lawfully aligned with evolving regulatory demands.

Starting at the beginning of 2024, U.S. companies will have to report beneficial ownership information to the Financial Crimes Enforcement Network. The regulations governing beneficial ownership reporting can be complicated, particularly for companies with complex ownership structures, and the consequences for failing to report can be significant - even criminal. This presentation will help corporate executives and compliance officers understand the reporting obligations imposed upon reporting companies both in the U.S. and outside the U.S. Through the webinar, participants will gain an understanding of what companies must report, what companies are exempt from reporting, and what constitutes beneficial ownership. The presentation will go into detail on some of the complex questions created by the CTA, including what constitutes substantial control over a reporting company, and how companies should structure their compliance functions to best monitor their beneficial ownership and keep current on their reporting obligations.

Agenda

Overview and History of the Corporate Transparency Act

• Passage of the Cta as Part of the National Defense Authorization Act of 2021
• Beneficial Ownership Reporting Around the World
• Regulatory Requirements in the Cta
• Overview of Key Cta Rulemakings

Reporting Obligations for U.S. Companies

• Who Must Report
• What Must Be Reported
• When Must Companies Report
• Consequences for Failure to Report
• Who Can Access the Beneficial Ownership Information

Difficult Reporting Questions

• What Constitutes Ownership of a Reporting Company
• What Constitutes Substantial Control Over a Reporting Company
• How Should Companies Prepare to Update Their Reporting Obligations

What's Next

• Additional Upcoming Rulemakings
• Other Reports