February 24, 2021

Developments in Beneficial Ownership Reporting and Anti-Money Laundering Law

Developments in Beneficial Ownership Reporting and Anti-Money Laundering Law

February 24, 2021

The Corporate Transparency Act, adopted as Title LXIV (64) of the 2021 National Defense Authorization Act, mandates the creation of a national database for the “beneficial ownership” of many businesses, and requires an affirmative election of those companies exempt from the ownership reporting requirements.  This CLE program will review these and related developments:

  • Who is affected by this newly passed legislation and the compliance requirements.
  • What qualifies as a “beneficial owner” of an entity and what is excluded.
  • What are the penalties for failure to file accurate information.
  • Who must file complete the filing and who is exempt.
  • What effect might this filing have on small business entity organic documents.
  • What potential ethical landmines should attorneys avoid.
  • How should you start preparing your clients for the BO filings.
  • What will be the timeline for the implementation of this legislation. 

Also included in the NDAA were other changes in anti-money laundering law including:

  • Establishment of National Anti-Money Laundering and Countering the Financing of Terrorism Priorities
  • Review and Update of Currency Transaction Reporting and Suspicious Activity Reporting Requirements
  • Enhanced penalties and whistleblower protections

Panelists:

  • Robert W. Downes, Sullivan & Cromwell, New York, NY
  • Garth B. Jacobson, Retired from the CT Corporation, Seattle, WA
  • Thomas E. Rutledge, Stoll Keenon Ogden, Louisville, KY
  • Dan P. Stipano, Davis Polk, Washington, DC
  • Maddie Schueler, Dean Dorton, Louisville, KY

Presented by: LLCs, Partnerships and Unincorporated Entities Committee

Members of the Business Law Section may access the audio, program materials, and video from this program. Log in using your email address. CLE credit is only available to those attending the live programs.

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