How New AML Law Will Apply To Life Settlement Industry
Law360 (June 23, 2021, 4:40 PM EDT) -- On Jan. 1, Congress passed the Corporate Transparency Act overriding former President Donald Trump's veto of the National Defense Authorization Act for Fiscal Year 2021 and its Anti-Money Laundering Act, which includes the CTA.
The CTA is intended to improve the transparency for anti-money laundering purposes by creating a new, generally confidential federal database of individuals who form and are beneficial owners of legal entities created in the U.S. Entities subject to the CTA, each a "reporting company," must report to the Financial Crimes Enforcement Network of the U.S. Department of the Treasury of certain personal information about their applicants and...
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