Becki LaPorte, CFCS, FIS

FinCEN has issued a proposed rule which could create a sixth BSA pillar – an AML/CFT risk assessment. We’re looking at the details of this part of the proposed rule in today’s REGular blog. Read more here! https://ow.ly/aWnQ50Sz9Th #VACUL #REGularBlog #creditunions J.T. Blau

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We broke down the essentials of Beneficial Ownership Information. Watch this informative video to discover who needs to file, what’s required, and how to simplify the process. Contact us if you need help! https://lnkd.in/eR5ghj_M #BusinessCompliance #OwnershipReporting #FuseCFO

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FinCEN estimates it will take roughly 3 hours to prepare and submit a beneficial ownership information (BOI) report for each entity. This does not include time spent on updates for information changes. In case you don't know, the Financial Crimes Enforcement Network (FinCEN) is introducing new reporting requirements as part of the 2019 Corporate Transparency Act to combat money laundering. Effective January 1, 2024, any businesses formed in or after 2024 must file a BOI report within 90 days. Businesses that existed before January 2024 have until January 1, 2025, to submit their BOI report. Penalties for non-compliance are up to $500 each day the violation continues. You're required to submit the following for each beneficial owner in your entity: • Owner’s legal name • Residential address • Date of birth • Unique identifier number from a non-expired passport, driver’s license, state identification card You must also submit amendments to FinCEN within 30 days from the date this information changes. We're helping clients with their BOI reporting compliance so they're ready by the deadline. If you need help with BOI reporting, contact us at www.mbs.cpa! But please note that the earlier you contact us (or any CPA) for BOI services, the better. There is a lot of administrative work that is involved and this is NOT something you want to wait until the last minute for...that $500 fine/day will add up quickly. Contact us to become and stay compliant with BOI! #beneficialownership #boireporting 

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💻 🔐 Newly Issued FAQs Address BOI Access 🔐 💻 Beneficial ownership information from over 32 million entities will be stored by FinCEN in a database by the end of 2024... ➡ Who can see this information? ➡ How will they prove that they are authorized? ➡ When will they start having access to the information in the database? These answers can be found in the Access Rule and details were issued into the FAQs on April 18th. Check out this article for what you need to know! https://lnkd.in/ggD_Vz-k #CTA #FinCEN #Law #BOIR #BOI #BenficialOwner #Government #AML #Trust

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On 14 June 2024, the US Federal Reserve Board issued an enforcement action against Evolve Bancorp, Inc. and Evolve Bank & Trust for significant deficiencies in their anti-money laundering, risk management, and consumer compliance programs. Key Points: - Deficiencies Identified: Evolve Bank & Trust, based in West Memphis, Arkansas, failed to maintain effective risk management frameworks, especially in its partnerships with financial technology companies. - Unsafe Practices: Examinations in 2023 revealed unsafe and unsound banking practices, including inadequate compliance with anti-money laundering laws and consumer protection regulations. - Required Improvements: The Federal Reserve Board mandates Evolve to enhance its risk management and compliance programs, particularly concerning oversight and monitoring of fintech partnerships. - Independent Action: This enforcement action is separate from the ongoing bankruptcy proceedings of Synapse Financial Technologies, Inc. Collaboration: The enforcement action is coordinated with the Arkansas State Bank Department. Stay updated with Global Regulatory Insights for crucial regulatory news. #BankingCompliance #AML #RiskManagement #FinancialRegulation #GRI #EvolveBancorp

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