Fay L. Szakal, an associate in the firm’s Corporate, Healthcare and Real Estate Departments, will present a live webinar on “Department of Treasury Corporate Transparency Act Compliance” on Friday, December 8, 2023, from 1:00pm – 2:40pm. The program will be presented by the New Jersey Institute for Continuing Legal Education in cooperation with the NJSBA Federal Practice and Procedure Section.
Beginning on January 1, 2024, small to mid-sized businesses nationwide must provide details regarding beneficial owners and applicants to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. Although this information is not being collected with the intention that it be released to the public, the information may be disclosed to law enforcement and regulatory authorities. The stated goal is to combat terrorism and the associated money laundering activities of criminals and threats to the American public. There are concerns that the information may be misused.
This program will cover critical information for attorneys who represent businesses and who apply for business corporate status through the Office of the Secretary of State, including their obligations and those of their clients to meet compliance deadlines and avoid liquidated civil and potential criminal penalties arising from the Corporate Transparency Act.
The agenda is as follows:
- Background on the Anti-Money Laundering law, FinCEN overview referencing the Corporate Transparency Act development and its components.
- What is a Reporting Company under the Corporate Transparency Act and what are the exemptions?
- Who are Beneficial Owners under the Corporate Transparency Act, and what qualifies under the test?
- What are Company Applicants under the Corporate Transparency Act and is it you?
- What is a FinCEN identifier and do you need one?
- How often do I have to report? What are the penalties? Is there a safe harbor?
- Security considerations: Who will have access to this database and what could it be used for?
- How do we counsel our clients? What are the risks of liability to counsel? How do we work with our professional liability insurer and our accountants?
Ms. Szakal’s transactional practice encompasses the drafting and negotiation of corporate agreements and contracts, including those related to mergers and acquisitions of business entities, corporate and company formation, real estate and redevelopment matters, healthcare and private equity deals, financing matters, and other commercial transactions. Ms. Szakal has experience closing multi-million dollar development project deals involving a broad range of interested parties and complicated transactional issues related to the organization and operation of newly formed companies.
Additional program details and registration on the NJICLE website.