This new regulation, which took impact Jan. 1. 2o24, was enacted to assist forestall and fight cash laundering, terrorist financing, corruption, tax fraud and different illicit exercise. It requires firms, restricted legal responsibility firms and different submitting entities to register and disclose details about their homeowners, officers and controlling individuals to the Monetary Crimes Enforcement Community (FinCEN). This doesn’t solely have an effect on corporations centered on enterprise or accounting companies, it additionally has an affect on property planning corporations and company fiduciaries. Though trusts are particularly exempt from the reporting necessities, they could nonetheless be required to report info on their beneficiaries. Our specialists provides you with an outline of what’s required and subsequent steps to take and can reply your pre-submitted questions.
CFP, CIMA®, CPWA®, CIMC®, RMA®, and AEP® CE Credit have been utilized for and are pending approval.
Kevin L. Shepherd
Accomplice
Venable LLP
Stephen Liss
Accomplice
Dungey Dougherty PLLC
Susan Lipp – Moderator
Editor in Chief
Trusts & Estates
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