Tag: CTA

FCPA Compliance Report – Understanding the Corporate Transparency Act with Frank Tumminello

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Post date November 18, 2024
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Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this edition, Tom Fox welcomes Frank Tumminello for an in-depth discussion on the Corporate Transparency Act (CTA) and its business implications.

They delve into the reasons behind the CTA, a law established under the Anti-Money Laundering Act of 2020, and its importance in enhancing transparency and preventing criminal activities like tax evasion and money laundering. Despite being in effect for nearly a year, there needs to be more awareness, with only 15% of the 40 million affected companies having complied. Frank explains the Beneficial Ownership Information (BOI) report, its requirements, and the challenges businesses might face in staying compliant. They also touch upon the misconceptions and legal difficulties surrounding the CTA, as well as the efforts of FinCEN to facilitate compliance, including the potential for extended deadlines in hurricane-affected FEMA zones. Lastly, Frank introduces ‘File Forms,’ a platform designed to streamline BOI reporting, highlighting its features, success stories, and support to businesses navigating these new requirements.

Highlights in this episode:

Overview of the Corporate Transparency Act
Purpose and Misconceptions of the CTA
Beneficial Ownership Information Reporting
Constitutionality and Legal Challenges
FinCEN Updates and Compliance Efforts
File Forms: Features and Benefits

Resources:

Frank Tumminello on LinkedIn

Tom Fox

For more information on the Ethico Toolkit for Middle Managers, available at no charge, click here.

Tags AML Law of 2020, CTA, FileForms, Frank Tumminello

All Things Investigations

All Things Investigations: Constitutional Challenge to Corporate Transparency Act with Thomas Lee

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Post date March 25, 2024
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Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation.

In this podcast, we’re joined by Hughes Hubbard Special Counsel, Thomas Lee, to discuss the recent decision declaring unconstitutional the Corporate Transparency Act (CTA) in the case of NSBA vs. Yellen.

Thomas Lee specializes in appellate law and constitutional issues. With nearly a decade of tenure at the firm and an impressive 21 years of teaching constitutional law at Fordham Law School, Lee is highly respected in his field. Lee and the Hughes Hubbard team brought the lawsuit on behalf of the National Small Business Association, arguing the CTA was a constitutional overreach as it mandated the reporting of beneficial ownership data to combat money laundering and criminal activities.

The constitutional claims included no Congressional authority for this regulation, privacy concerns, and the lack of a foreign treaty ratified by Congress requiring the law. Drawing from his extensive background in constitutional law, they successfully argued that this federal regulation challenges traditional state regulation of entity formation and exceeds governmental power.

This decision in the National Small Business Association case is a landmark case that has now been appealed to the 11^th Circuit Court of Appeals and appears headed to the US Supreme Court.

Key Highlights:

Beneficial Ownership Reporting Requirements for Entities
Constitutional Challenges in Corporate Transparency Legislation
Court Proceedings of the Corporate Transparency Act
Efficient Negotiations and Potential Supreme Court Involvement

Resources:

Hughes Hubbard & Reed website

Thomas Lee

Tags Corporate Transparency Act, CTA, HHR, Hughes Hubbard Reed, Thomas Lee

From the Editor's Desk

From The Editor’s Desk: March and April, 2024 in Compliance Week

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Post date March 22, 2024
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Welcome to From the Editor’s Desk, a podcast where co-hosts Tom Fox and Kyle Brasseur, EIC at Compliance Week, unpack some of the top stories that have appeared in Compliance Week over the past month, look at the top compliance stories upcoming for the next month, talk about some sports, and generally try to solve the world’s problems.

Tom Fox and Kyle Brasseur are back. Compliance Week 2024, a major event in the world of regulatory compliance is generating a significant buzz, especially among compliance professionals. This event promises to cover a wide array of relevant topics, from the role of women in compliance and AI to insights into fraud detection and career development.

Tom is particularly interested in the breadth of topics that Compliance Week will cover and the opportunity for professionals to learn from past compliance failures and incorporate these lessons into their programs. Similarly, Kyle shares an eagerness for the discussions that the conference will spark, specifically touching on current hot-button issues like court rulings, SEC climate rules, and DOJ speeches.

The variety of subjects the event will cover, reflecting the diversity of Brasseur’s experiences and interests within the compliance sphere, fuels his anticipation.

Highlights Include:

Constitutionality Concerns of Treasury’s Ownership Requirements
Empowering Compliance Officers in AI Risk Mitigation
Empowering Compliance Professionals through Future Trends
Enhancing Compliance Skills Beyond Basic Knowledge
Baseball Innovations Attracting Increased Fan Engagement
March Madness
Compliance Week 2024

Resources:

Kyle Brasseur on LinkedIn

Compliance Week

I hope you can join me at Compliance Week 2024. For information on the event, click here.

Compliance Week is offering a $200 discount on the registration price as an extra benefit to podcast listeners.

Enter the discount code TFOX2024: $200 off.

Tags AI, CTA, CW24, March Madness, MLB, SOJ Speeches

FCPA Compliance Report

FCPA Compliance Report – Jonathan Wilson on The NSBU Decision

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Post date March 18, 2024
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Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance.

In this edition of the FCPA Compliance Report, Tom welcomes back Jonathan Wilson, one of the country’s top experts on the Corporate Transparency Act. We dissect the court decision in the case of the National Small Business Union, which invalidated the CTA and what it might mean for the law going forward.

Jonathan Wilson is a well-respected figure in corporate transparency and has established an impressive body of work around the Corporate Transparency Act. He is the founder of FinCEN Report, a company that helps businesses and others comply with the CTA.

Wilson’s perspective on the Act hinges on his understanding of its legal implications and practical considerations, warning companies that, despite a recent district court decision, they are still required to meet filing obligations. We take a deep dive into the court opinion, how it applied (or misapplied) US law and explain the need for continued compliance with the law.

Even with this court decision, Wilson’s advice is clear, companies must continue with compliance efforts and fulfill their reporting requirements, as delays will not alter the facts or obligations of the Act. The invalidation of the CTA is only applicable to the named plaintiff in the Northern District of Alabama so all others must continue to comply with the law.

Key Highlights:

CTA Overturned—Is Interstate Commerce Affected?
What is the US National Security Interest?
Beneficial Owner Disclosure in Money Laundering
Senate Ratification of International Treaties
Navigating Legal Compliance in Competitive Business Environment

Resources:

Jonathan Wilson on LinkedIn

FinCEN Report

National Small Business Union decision

Tom Fox

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

Tags Corporate Transparency Act, CTA, Jonathan Wilson

Daily Compliance News

Daily Compliance News: March 18, 2024 – The Mike Lynch Goes on Trial Edition

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Post date March 18, 2024
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All from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

Mike Lynch finally goes on trial. (FT)
What does the CTA ruling mean for the registry? (WSJ)
More corrupt Kushner deals? (Newsweek)
What’s next for Altice? (Bloomberg)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

Tags Altice, CTA, HP-Autonomy acquisition, Mike Lynch

2 Gurus Talk Compliance

2 Gurus Talk Compliance – Episode 24 — The Self-Disclosure Edition

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Post date March 15, 2024
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What happens when two top compliance commentators get together? They talk about compliance, of course. Join Tom Fox and Kristy Grant-Hart in 2 Gurus Talk Compliance as they discuss the latest compliance issues in this week’s episode! In this episode, Tom and Kristy take on a wide variety of compliance-related topics.

The Department of Justice (DOJ) is launching a paid whistleblower initiative, specifically targeting cases of criminal exploitation of the U.S. financial system that slip through the cracks of existing agency schemes. This move has elicited various perspectives, notably from compliance experts Tom Fox and Kristy Grant-Hart. Fox, drawing on his extensive experience in compliance, identifies the program as a vital development, filling a gap in whistleblower compensation efforts. He anticipates that it will compel compliance officers to foster a culture of reporting and enhance efficiency in managing investigations. On the other hand, Kristy, a renowned compliance specialist, also views the initiative positively but expresses concerns about the increased pressure on organizations to ensure compliance.

Despite this, both experts agree that the program is a step in the right direction towards promoting transparency, accountability, and ethical corporate behavior.

Highlights Include:

1. DAG Monaco Speech (DOJ Release)

2. Nicole M. Argentieri Speech (DOJ Release)

3. CTA struck down (WSJ)

4. Leadership Lessons from Robert Oppenheimer (WSJ)

5. State governments move to regulate AI (NYU)

6. The Percentage Of Corporate DOJ And SEC FCPA Enforcement Actions That Result From A Voluntary Disclosure (FCPA Professor)

7. Husband Who Eavesdropped on Wife’s Work Calls Pleads Guilty to Insider Trading (WSJ)

8. SEC Adopts Climate Disclosure Rule (Radical Compliance)

9. Is It Ever OK to Have an 8 a.m. Meeting? (WSJ)

10. The Florida Man Games (NYTimes)

Resources:

Kristy Grant-Hart on LinkedIn

Tom

Tags AI, CTA, DAG Lisa Monaco, DOJ, Florida Man, insider trading, SEC, self disclosure

FCPA Compliance Report

FCPA Compliance Report – Mike Lindsey on The CTA and NSBU Decision

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Post date March 11, 2024
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Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this edition of the FCPA Compliance Report, Tom welcomes back Mike Lindsey to discuss the Corporate Transparency Act. In a first for the FCPA Compliance Report, after the episode was recorded but before it was posted, the CTA was declared unconstitutional by a Trump appointed US District Judge. We recorded an addendum to consider this court decision invalidating the law.

Mike Lindsey, a distinguished corporate and transactional lawyer based at Steinbrecher & Span, has built a solid reputation as an authority on the CTA. Lindsey’s insights into the CTA are influenced by his emphasis on privacy and data security, highlighting the risks correlated with a centralized database potentially accessible via the dark web. From his perspective, the CTA serves as a critical federal law designed to increase transparency around beneficial ownership of corporations and inhibit illegal activities such as money laundering, tax evasion, and fraud. However, Lindsey also questions its effectiveness in disclosing ownership by entities like the Iran Revolutionary Guard. Despite this, he sees the CTA as a ground-breaking move for privately held companies, requiring them to report beneficial owners, something uncommon among small businesses in the United States. Ultimately, Lindsey views the CTA as an essential measure towards impeding financial crimes and enhancing accountability in corporate structures.

We also discuss the trial court decision in the case of the National Small Business Union, which invalidated the CTA and what it might mean for the law going forward.

Key Highlights:

Beneficial Ownership Disclosure Law
Key Players in Corporate Decision-Making
CTA Compliance Impact on Small Businesses
Federal Database Security Concerns
Illicit Financial Activities and National Security Measures
National Small Business Union decision

Resources:

Mike Lindsey on LinkedIn

Steinbrecher & Span

National Small Business Union

Tom Fox

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

Tags CTA, Mike Lindsey, national security, NSBU decision

10 For 10

10 For 10: Top Compliance Stories For The Week Ending March 9, 2024

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Post date March 9, 2024
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Welcome to 10 For 10, the podcast that brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance, brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes, hear about the stories every compliance professional should be aware of from the prior week.

Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

The DOJ announces a whistleblower program. (WSJ)
More from DAG Monaco. Changes to ECCP regarding AI. (Compliance Week)
The NYT asks for Boeing whistleblowers. (NYT)
Forced labor and Porsches. (WSJ)
The SEC approves weakened climate change rules. (NYT)
Bribery acquittal in London. (F T)
The CTA ruled it unconstitutional. (NYT)
Senator Menendez, a co-defendant, pleads guilty. (CNBC)
Ethisphere announces the World’s Most Ethical Company Awards. (Press Release)
Gunvor is to pay $661 million for FCPA violations. (WSJ)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

You can check out the Daily Compliance News for four curated compliance and ethics-related stories each day here.

Connect with Tom:

Tags corruption, CTA, DAG Lisa Monaco, DOJ, ethics premium, Ethisphere, FCPA, Gunvor, SEC, Senator Robert Menendez, SFO, whistleblower

Daily Compliance News

Daily Compliance News: March 4, 2024 – The FCPA Returns Edition

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Post date March 4, 2024
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Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

Gunvor is to pay $661MM for FCPA violations. (WSJ)
Senator Menendez, a co-defendant, pleads guilty. (CNBC)
The CTA ruled it unconstitutional. (NYT)
Jackson Walker was urged to disclose a conflict of interest. (Reuters)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of compliance, click here.

Tags COI, CTA, FCPA, Gunvor, Jackson Walker, Senator Robert Menendez

SBR - Authors' Podcast

SBR Authors Podcast: Jonathan Wilson on the Corporate Transparency Act

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Post date October 4, 2023
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Welcome to the Sunday Book Review, the Authors Podcast! Don’t miss out on this episode of SBR-Author’s Podcast, where Tom sits down with Jonathan Wilson on his book The Corporate Transparency Act Compliance Guide.

Jonathan Wilson is a seasoned attorney specializing in middle market M&A and securities, with a particular emphasis on private offerings and working with startups and growing businesses. His perspective on the topic of FinCEN Report Company assists with Corporate Transparency Act compliance is shaped by his extensive experience in corporate compliance and his authorship of the Corporate Transparency Act Compliance Guide. Jonathan recognized the potential confusion the Act could cause for business owners and their lawyers, prompting him to write a comprehensive guide to help them identify beneficial owners and file the necessary reports. He also founded the FinCEN Report Company, an online filing service that aids businesses in meeting the reporting requirements of the Corporate Transparency Act. Join Tom Fox and Jonathan Wilson on this episode of the Sunday Book Review-Author’s Edition podcast to delve deeper into this topic.