Lester Joseph

📢 Important Notice: Beneficial Ownership Information (BOI) Reporting 📢 As of January 1, 2024, many U.S. businesses are required to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This new reporting requirement aims to combat financial crime and increase transparency in business ownership. What is BOI Reporting? BOI reporting requires businesses to disclose information on individuals who directly or indirectly own or control a significant stake in the company. This helps prevent the misuse of businesses for illicit activities. Who Needs to Report? Most corporations, LLCs, and other similar entities will need to file a report. Some companies are exempt, so it’s important to check if your business qualifies. What Needs to Be Reported? For each beneficial owner, you’ll need to report: Full legal name Date of birth Address A unique identifier (like a passport or driver’s license number) 📝 Act Now: Avoid penalties and ensure compliance by preparing your BOI filing! For more details on requirements, exemptions, and deadlines, visit the FinCEN website or consult with a legal advisor. Here are some useful links: https://1l.ink/STM3TSZ https://1l.ink/LNLRS6W #BeneficialOwnership #BOIReporting #FinCEN #BusinessCompliance #StayInformed #BusinessTransparency

CASE STUDY SERIES: "Kingdom Trust Hit with $1.5M Penalty for Bank Secrecy Act Violations" BREIF INTRO: Kingdom Trust, headquartered in Sioux Falls, South Dakota, with most of its 80 employees in Murray, Kentucky, offered custody services for self-directed IRAs and served as a qualified custodian for investment advisers. It also provided account and payment services to high-risk businesses in Latin America. Following an investigation, FinCEN imposed a $1,500,000 Civil Money Penalty on Kingdom Trust for violations of the Bank Secrecy Act, which the company admitted to in a Consent Order. WHAT WENT WRONG? 1.      UNFILED SAR’s: Kingdom Trust's process for identifying and reporting suspicious activity was severely inadequate during the relevant period, leading to a willful failure to file timely and accurate Suspicious Activity Reports (SARs). The company's AML staff lacked experience, the transaction review process was insufficient, and reliance on employees to detect suspicious activity was unrealistic due to high transaction volumes. Although an automated monitoring system was introduced in 2017, it wasn't operational until 2021. FinCEN identified hundreds of missed SAR filings, primarily involving three customers. For Customer B, nearly 200 suspicious transactions totaling $16 million were processed in 2017 and early 2018 without proper scrutiny. For Customer C, over 400 suspicious transactions totaling $63 million occurred in late 2016 and 2017, involving wire transfers to Miami-based businesses later implicated in a 2018 drug money laundering indictment. 2.      CIVIL MONEY PENALTY: After considering all the facts, circumstances, enforcement factors, and Kingdom Trust's resources, FinCEN decided to impose a Civil Money Penalty of $1,500,000 in this matter. LESSONS LEARNED: Key learnings for other financial institutions: 1. Compliance Was Non-Negotiable 2. Timely Reporting Was Essential 3. Customer Due Diligence Could Not Be Overlooked 4. Effective Use of Technology 5. Regular Audits and Reviews Were Necessary FPM AML-CHECK® offered an advanced screening solution to help financial institutions in Pakistan combat financial crimes, with a comprehensive database of domestic Politically Exposed Persons (PEPs). Recognized for excellence and endorsed by the NBFI and Modaraba Association of Pakistan, our award-winning AML solution ensured robust compliance. For more information, contact us at: WhatsApp: 0301-1157150 / 51   Email: [email protected] #AntiMoneyLaundering #AMLCompliance #AMLCheck #ComplianceMatters #AMLTechnology #RiskManagement #ComplianceSolutions #KYC #TransactionMonitoring #FinancialRegulations #FraudPrevention #AMLSoftware

Beneficial Ownership Information (BOI) Reporting New BOI Requirements for 2024: Beginning in 2024, most corporations, LLCs, and other entities created or registered in the U.S. must report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). What is BOI Reporting? BOI Reporting is a legal requirement aimed at increasing transparency in ownership structures. It helps prevent money laundering, fraud, and other financial crimes by identifying individuals who own or control at least 25% of a company. Who Needs to Report? Corporations Limited Liability Companies (LLCs) Other U.S. entities Foreign entities registered to do business in the U.S. Exceptions: Entities with 20 or more full-time employees, and Has a physical location in the U.S., and Reported more than $5 Million of Gross Receipts on the entity’s most recently filed income tax return. Deadlines: Entities established prior to January 1, 2024, must submit their reports by January 1, 2025. Entities established between January 1, 2024, and January 1, 2025, have 90 days from creation or registration to submit their reports. Entities established after January 1, 2025, have 30 days from creation or registration to submit their reports. Penalties: Failure to comply can result in significant fines up to $500 per day and criminal penalties of up to $10,000 or 2 years in prison. How A+P CPAs Can Help: We specialize in guiding businesses through BOI compliance. Our services include: Comprehensive BOI analysis Filing assistance with FinCEN Ongoing compliance support Contact Us Today! Avoid penalties and ensure compliance with BOI reporting regulations.

From Troutman Pepper: On July 8, the Financial Crimes Enforcement Network published three new Frequently Asked Questions ... that address beneficial ownership information reporting requirements under the Corporate Transparency Act for entities that cease to exist. This new guidance indicates a further expansion of the CTA’s reporting requirements and may come as a surprise to those following the CTA and its implementation. Businesses should review the FAQs closely and consider the implications. #fincen #corporatetransparency #beneficialownership #reportingrequirements #corporatetransparencyact

FinCEN extends beneficial ownership reporting deadline - By Michael Cohn. The Treasury Department's Financial Crimes Enforcement Network has extended the deadline for beneficial ownership information reporting after an injunction was lifted by a federal appeals court. #BOIReporting #BeneficialOwnership #beneficialownershipreport #beneficialownershipreport #cpafirm #cpapartnersllc

On April 18, 2024, the Financial Crimes Enforcement Network (FinCEN) released further guidance regarding to Corporate Transparency Act compliance (CTA) by updating and expanding the Beneficial Ownership Information Reporting Frequently Asked Questions regarding the Beneficial Ownership Information (BOI) Reporting Rule (FAQs). Importantly, the updates provide insight on BO access by foreign governments, law enforcement and […] https://lnkd.in/d6WPxG2C www.Cyprus-CEO.com #CEO #business #management #marketing #tech #AI #legal #money

**Your BOI Report is Due by 12/31/2024** The Corporate Transparency Act (CTA) was enacted by Congress on January 1, 2021. The act directed the Financial Crimes Enforcement Network (FinCEN) to establish a Beneficial Ownership Information (BOI) reporting requirement. Under the CTA, most U.S. entities, including small S-Corporations, C-Corporations, partnerships, and single-member LLCs, must report information about their beneficial owners to FinCEN starting January 1, 2024. This filing is separate from tax preparation. Entities that existed before January 1, 2024, must file their first report by December 31, 2024. Entities formed in 2024 must file their first BOI report within 90 days of formation. There is no additional tax or fee due with the BOI report. However, starting in 2025, FinCEN will assess penalties for noncompliance. A person who willfully fails to comply with BOI reporting may be subject to civil penalties of $500 per day (adjusted for inflation, this is now $591 per day) and criminal penalties, including a $10,000 fine and/or up to two years of imprisonment. If you need assistance with this filing, I recommend using CorpNet. Here is a direct link to their website: https://lnkd.in/e3DAewqv... This is one of several private companies offering help with BOI filing. Alternatively, you can file the BOI report by yourself for free at https://www.fincen.gov/boi If you have specific questions regarding the BOI filing, I recommend consulting your business attorney.