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Publications
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04.18.2024Corporate Transparency Act Could Survive 11th Circ. Several WaysThe Corporate Transparency Act is an extensive new anti-money laundering law that went into effect Jan. 1. It requires the disclosure to the U.S. Department of the Treasury's Financial Crimes Enforcement Network of detailed information regarding owners, officers, and control persons by most entities formed or registered to do business in the United States.
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04.08.2024Get Ready for the New York LLC Transparency ActUpdatesOn March 1, 2024, New York Governor Kathy Hochul signed an amended version of the New York LLC Transparency Act, which was originally signed with provisions for amendments in December 2023. The NYLTA will go into effect on January 1, 2026, and it will impose certain beneficial ownership disclosure requirements for limited liability companies formed or authorized to do business in New York.
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03.28.2024Federal District Court Finds Corporate Transparency Act Unconstitutional: What Now?UpdatesOn March 1, 2024, the U.S. District Court for the Northern District of Alabama held that the CTA was unconstitutional because it exceeds Congress’s enumerated powers. As a result, the Alabama district court enjoined enforcement of the CTA as to the plaintiffs in that matter, the National Small Business Association, and one of its individual members.
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03.22.2024Corporate Compliance, Professional Perspective - Federal Enforcement Priorities & Emerging Corporate RisksArticlesIn March 2024, the American Bar Association's (ABA) 39th Annual National Institute on White Collar Crime provided a forum for significant insights into federal enforcement priorities and emerging risks facing companies and their executives.
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01.04.2024CTA Compliance Tip: Spouses and Domestic Partners in Community Property States May Also Be “Beneficial Owners”UpdatesAs discussed in our prior Update on the Corporate Transparency Act, anyone who owns or controls at least 25% of the ownership interests of a CTA reporting company must report their beneficial ownership to the Financial Crimes Enforcement Network.
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12.29.2023Corporate Transparency Act Applied to M&AUpdatesThe Corporate Transparency Act, designed to combat the use of shell companies for illicit purposes and increase ownership transparency in corporate structures, takes effect on January 1, 2024
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12.19.2023Corporate Transparency Act Will Require Disclosure of Senior Officers and Directors of Many US and Foreign CompaniesUpdatesThis Update discusses how the Corporate Transparency Act rules will affect directors and senior officers of CTA reporting companies, in particular. All senior officers, directors and their advisers, and counsel should be aware of these rules and potential implications.
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12.18.2023Gatekeepers Beware: The New US Corporate Transparency Act Could Be a Game-ChangerIn a Financial Times op-ed, Jamie Schafer explains how the U.S. Corporate Transparency Act will require certain corporations, limited liability companies and similar entities to report beneficial ownership information to the Treasury Department for the first time and how the most important aspect of the new law seeks to dismantle the infrastructure that enables money laundering and other related financial crimes.
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12.11.2023Think Public and Large Companies Are Entirely Exempt From the Corporate Transparency Act? Think Again.UpdatesKey portions of the Corporate Transparency Act will take effect on January 1, 2024, requiring an estimated 30 million “reporting companies” to disclose to the federal government information and documentation about the entity’s beneficial owners and keep that information current.
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12.04.2023The Corporate Transparency Act: What To Know and Expect Starting January 1, 2024UpdatesBeginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered to do business in the United States to disclose detailed information regarding their owners, officers, and control persons to the U.S. Department of the Treasury Financial Crimes Enforcement Network.
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11.27.2023What to Expect in Enforcement of the Corporate Transparency ActArticlesJamie Schafer and Olivia Radics wrote an article for Governance Intelligence detailing what to expect in the enforcement of the Corporate Transparency Act.
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11.07.2023
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08.29.2023FFIEC BSA/AML Exam Manual Updates—Implications for BanksUpdatesThe Federal Financial Institutions Examination Council released the fifth phase of updates to the FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual on August 2, 2023.
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08.16.2023A New National Security Frontier: Executive Order and Coming Regulations Restricting US Technology Investments in ChinaUpdatesPresident Biden issued a long-awaited executive order, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (the Executive Order or E.O.) on August 9, 2023, highlighting the risks these technologies and products pose to U.S. national security and marking the latest round in the ever-increasing competition between the United States and China.
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08.01.2023Prepare to Comply With Upcoming Corporate Transparency Act Reporting RulesArticlesDomingo Such and Jamie Schafer wrote an article published in Trust & Estates titled "Prepare to Comply With Upcoming Corporate Transparency Act Reporting Rules" about the implications family offices and their advisors should be aware of regarding new reporting rules stemming from the Corporate Transparency Act.
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07.11.2023Mapping Future Enforcement in US Gaming Law Based on Recent UK EnforcementUpdatesRegulated gaming is booming in the United States. This is particularly true of newer forms of gambling, such as skill games, fantasy sports, and social casino games played on the internet and mobile applications.
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03.20.2023DOJ Announces Pilot Program and Updated Expectations on Corporate Compensation ProgramsUpdates
The U.S. Department of Justice unveiled a new pilot program and announced several important updates to its Evaluation of Corporate Compliance Programs regarding corporate compensation incentives and clawbacks.
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03.16.2023DOJ Issues New Guidance on Use of Personal Devices and Third-Party Messaging ApplicationsUpdatesThe U.S. Department of Justice announced significant new guidance on March 3, 2023, regarding the use of personal devices and the retention of corporate communications.
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03.07.2023DOJ Announces Shift Toward Corporate Enforcement for Sanctions and Export Control ViolationsUpdatesDeputy Attorney General Lisa Monaco delivered groundbreaking remarks at the American Bar Association National Institute on White Collar on March 2, 2023, heralding a new era of corporate enforcement aimed at addressing U.S. national security priorities.
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01.03.2023U.S. May Soon Have New Weapons in Sanctions EnforcementArticles
Law360
New sanctions and export controls targeting Russia in response to the invasion of Ukraine herald increased investigations and prosecutions through a targeted and aggressive interagency effort known as Task Force KleptoCapture. -
12.22.2022FinCEN Issues Proposed Rule for Accessing Ownership Information Under the Corporate Transparency ActUpdatesThe U.S. Department of the Treasury's Financial Crimes Enforcement Network issued a Notice of Proposed Rulemaking to address an outstanding issue in its final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act.
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11.03.2022US Outlines Increased Sanctions on Foreign Parties Continuing To Transact With Russia Sanctions TargetsUpdatesThe U.S. government issued guidance on October 14, 2022, emphasizing that the United States is “prepared to use its broad targeting authorities against non-U.S. persons” who continue to trade with Russia sanctions targets, particularly with private sector companies that support the Russian military.
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10.14.2022Key Compliance Takeaways from DOJ’s Recent Policy UpdatesArticlesOn Sept. 15, 2022, Deputy Attorney General Lisa Monaco announced several significant policy updates affecting the U.S. Department of Justice’s enforcement practices for both corporations and individuals. This article discusses the steps companies should be taking now to ensure that their compliance programs incorporate the guidance.
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10.03.2022FinCEN’s Highly Anticipated Beneficial Ownership Reporting Rule Under CTA Effective January 1, 2024UpdatesThe U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued its highly anticipated final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act legislation on September 29, 2022.
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09.16.2022DOJ Announces Sweeping Policy Updates Targeting Corporate Criminal Enforcement and Individual AccountabilityUpdatesDeputy Attorney General Lisa Monaco announced several significant policy updates affecting the U.S. Department of Justice’s (DOJ) enforcement practices for both corporations and individuals
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05.26.2022US Treasury Highlights Anti-Money Laundering Priorities in 2022 Illicit Finance StrategyUpdatesThe U.S. Department of the Treasury, on May 13, 2022, published its 2022 National Illicit Finance Strategy—a comprehensive statement of the agency’s key priorities, goals, and plans for safeguarding the U.S. financial system against illicit activity in order to “strengthen national security and prosperity.”
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05.16.2022Sanctions Are the New FCPA: US Pledges Enforcement, Issues New Russia Sanctions and Export ControlsUpdatesAs Russia’s invasion of Ukraine persists, with no end currently in sight, the United States continues to issue increasingly punishing economic sanctions and export controls targeting Russia, most recently aiming at the exportation to Russia of certain categories of professional services.
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04.20.2022War in Ukraine Prompts Further Trade Sanctions by the United StatesUpdatesRussia’s invasion into Ukraine in February 2022 has prompted the United States and its allies, including the United Kingdom, the European Union, and others, to issue substantial international trade restrictions including economic sanctions and export controls. In addition to earlier U.S. actions, the United States has issued further trade restrictions.
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04.04.2022Law Enforcement Zeroes in on Russian Sanction Evasion SchemesArticlesPerkins Coie attorneys predict a historic push by the DOJ among other regulators to find and stop companies and individuals from evading sanctions imposed against Russia in their business dealings.
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03.21.2022Recent Developments in US Sanctions and Export Controls Targeting RussiaUpdatesFollowing Russia’s recognition of breakaway regions in Ukraine and full-scale invasion of the country, authorities in the United States, United Kingdom, European Union, and across the globe imposed a sweeping array of trade and economic sanctions, export controls, and other financial countermeasures.
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03.02.2022Sanctioning Russia Over Invasion of UkraineUpdates
On February 21, 2022, Russian President Vladimir Putin unilaterally recognized the Luhansk and Donetsk regions in Eastern Ukraine as independent states.
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01.10.2022ESG Resolutions for 2022Articles
Bloomberg Law
Perkins Coie partners Kevin Feldis, David Daniels, and Jamie Schafer offer environmental, social and governance corporate resolutions for the new year and highlight key action steps to take, starting with prioritizing ESG and conducting an assessment. -
12.30.2021Corporate Compliance Crackdown: DOJ Changes to Corporate Enforcement Policies Focused on Increased Accountability for Corporations and IndividualsArticlesAfter months of signaling ramped-up enforcement efforts were underway, senior leadership in the U.S. Department of Justice (DOJ) has announced several new initiatives to combat white-collar crime.
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12.29.2021FinCEN Solicits Comments on Striking Expansion of Anti-Money Laundering Obligations to Real Estate SectorUpdatesThe Financial Crimes Enforcement Network issued an Advance Notice of Proposed Rulemaking (ANPRM) on December 6, 2021, soliciting comments on the potential extension of the Bank Secrecy Act.
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12.20.2021FinCEN Proposed Beneficial Ownership RuleUpdatesOn December 7, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a highly anticipated proposed rule that would implement key provisions of the Corporate Transparency Act.
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12.14.2021
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11.04.2021The Anti-Money Laundering Act of 2020: The Remarkable Expansion of the U.S. Government’s Subpoena Power Over Foreign Financial InstitutionsUpdatesOn New Year’s Day 2021, Congress passed the Anti-Money Laundering Act of 2020 (AMLA).
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10.29.2021Corporate Compliance Crackdown: DOJ Announces New Enforcement Policies for Business EntitiesUpdatesDeputy Attorney General Lisa Monaco delivered an exacting message to the white-collar defense bar at the ABA’s 36th National Institute on White Collar Crime—the U.S. Department of Justice is stepping up its enforcement of corporate crime through several new initiatives.
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10.19.2021OFAC Releases New Detailed Guidance for the Digital Currency IndustryUpdatesOn October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control released guidance on sanctions compliance for the digital currency industry, the agency’s most detailed guidance to date on its expectations for participants in this rapidly growing industry.
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10.04.2021AMLA 2020 Series Part 3: FinCEN Issues Notice of Proposed AML Rules for Antiquities DealersUpdatesOn New Year’s Day 2021, Congress passed the Anti-Money Laundering Act of 2020 (AMLA 2020).
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09.21.2021AMLA 2020 Series Part 2: New Bank Secrecy Act Whistleblower ProvisionsUpdatesOn New Year’s Day 2021, Congress passed the Anti-Money Laundering Act of 2020 (AMLA 2020). As we reported last April, the AMLA 2020 included sweeping reforms aimed at strengthening protections against money laundering, terrorism financing, and other illegal activities. In July, we examined the expansive new beneficial ownership reporting requirements added to the Corporate Transparency Act. In this second substantive installment of our multipart series on the AMLA 2020, we examine the changes made to the Bank Secrecy Act (BSA) whistleblower provisions.
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09.09.2021FINRA, Federal Banking Agencies Issue Guidance on Third-Party Risk ManagementUpdatesRecent guidance from financial industry regulators reminds market participants to remain mindful of their business, compliance, and operational obligations when incorporating technology vendors as a fundamental part of their infrastructure.
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07.14.2021AMLA 2020 Series Part 1: New and Expansive Beneficial Ownership Reporting RequirementsUpdates
This first substantive installment in our multipart series addresses arguably the most significant implication of AMLA 2020: a new and expansive requirement to disclose corporate beneficial ownership, set out by the Corporate Transparency Act.
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04.12.2021The Anti-Money Laundering Act of 2020: A Survey of Key Provisions and Practice TakeawaysUpdatesOn New Year’s Day 2021, Congress overrode a presidential veto to pass the Anti-Money Laundering Act of 2020 (AMLA 2020), which amends and modernizes the Bank Secrecy Act (BSA).
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2021United States: Avoiding Common Pitfalls When Cooperating with Government Investigations
Chapter / Global Investigations Review
Before opening a dialogue with the government, defence counsel and defendants should ensure that they understand the potential risks as well as the possible rewards of cooperation with the U.S. government, and that they are clear about regulators’ expectations and are prepared to meet those expectations.
Presentations
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2024The Compliance Collective Webinar SeriesWebinarsPerkins Coie WebinarsThe webinar series will be hosted by a team of cross-disciplinary Perkins Coie lawyers providing a monthly overview and discussion forum on a critical hot topic in ethics and compliance.
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05.16.2024
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10.11.2023Strengthening Compliance: US Government's Tri-Seal Guidance and DOJ Call for Sanctions Evasion VigilanceSpeaking EngagementsKharon / Virtual
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04.12.2023
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10.26.2022Integrating New DOJ Guidance into Compliance OperationsWebinarsMultidisciplinary panel of lawyers from Perkins Coie’s White Collar & Investigations, Privacy & Security, Labor & Employment, and Corporate & Securities practices discussed recent changes to the DOJ corporate criminal enforcement policies and their impact on business organizations and their compliance operations.
White Collar Briefly
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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed new rules that would require anti-money laundering/countering the financing of terrorism (AML/CFT) programs for investment advisers. The pdf is currently available, and will likely be replaced by the Federal Register version once published. The final form of the rule, if adopted, remains... Continue Reading…
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DOJ to Prioritize Enforcement of Sanctions and Export Control Violations Against Corporations
On March 2, 2023, U.S. Department of Justice Deputy Attorney General (DAG) Lisa Monaco once again delivered groundbreaking remarks at the American Bar Association National Institute on White Collar Crime, this time heralding a new era of corporate enforcement aimed at addressing U.S. national security priorities. Last spring, as U.S. sanctions against Russia rolled out,... Continue Reading…
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On October 18, 2022, the Department of Justice (DOJ) announced a guilty plea by Lafarge, S.A., a French building materials company, and its Syria-based subsidiary, for providing material support to designated Foreign Terrorist Organizations. The case represents the first criminal prosecution of a company for providing material support to terrorism and demonstrates that the agency... Continue Reading…
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On September 29, 2022, the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its highly anticipated Final Rule implementing the beneficial ownership information (“BOI”) reporting requirements of the Corporate Transparency Act (“CTA”) legislation. The Final Rule brings about the most significant revisions to the U.S. anti-money laundering/countering the financing of terrorism (“AML/CFT”) compliance... Continue Reading…
