Latest news with #BeneficialOwnershipInformation
Yahoo
15-05-2025
- Business
- Yahoo
Canadian Banks and Regulators to Meet in Toronto Amid Shifting Economic and Regulatory Landscape
TORONTO, May 15, 2025 /CNW/ - Senior executives from Canada's major banks and financial institutions will join government regulators in Toronto next month to address fast-moving regulatory and economic changes at the 24th Annual Canadian Forum on Anti-Money Laundering and Financial Crime, hosted by the Canadian Institute. Taking place June 25–26, 2025, at the One King West Hotel, the forum comes at a pivotal moment for the financial sector. Escalating U.S. tariffs and changes to the U.S. Corporate Transparency Act are intensifying cross-border compliance challenges for Canadian institutions. In a March 2025 statement, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) confirmed that foreign entities qualifying as "reporting companies" must submit Beneficial Ownership Information (BOI) under newly mandated deadlines. Canadian institutions will need to respond quickly to comply with evolving standards. "There's a lot changing," said Karen Creen, conference co-chair and Chief Compliance Officer & Chief AML Officer at First Nations Bank of Canada. "We've moved into Gen 2 reporting with FINTRAC. We have the FATF mutual evaluation coming. There's the new reporting of sanctioned property that's going to FINTRAC. There's a lot of moving pieces, as always in AML." Notable speakers at the forum include: Tina Matos, Chief Compliance Officer and Deputy Director of Supervision, FINTRAC Gabriel Ngo, Director, Independent Review Office, Bank of Canada Key Topics Include: Lessons from U.S. regulatory actions against Canadian banks Economic and compliance fallout from the U.S. election Real estate and crypto sector exposure FATF evaluation preparation and cross-border BOI reporting More information and registration details are available at: SOURCE The Canadian Institute View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
15-05-2025
- Business
- Cision Canada
Canadian Banks and Regulators to Meet in Toronto Amid Shifting Economic and Regulatory Landscape
TORONTO, May 15, 2025 /CNW/ - Senior executives from Canada's major banks and financial institutions will join government regulators in Toronto next month to address fast-moving regulatory and economic changes at the 24th Annual Canadian Forum on Anti-Money Laundering and Financial Crime, hosted by the Canadian Institute. Taking place June 25–26, 2025, at the One King West Hotel, the forum comes at a pivotal moment for the financial sector. Escalating U.S. tariffs and changes to the U.S. Corporate Transparency Act are intensifying cross-border compliance challenges for Canadian institutions. In a March 2025 statement, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) confirmed that foreign entities qualifying as "reporting companies" must submit Beneficial Ownership Information (BOI) under newly mandated deadlines. Canadian institutions will need to respond quickly to comply with evolving standards. "There's a lot changing," said Karen Creen, conference co-chair and Chief Compliance Officer & Chief AML Officer at First Nations Bank of Canada. "We've moved into Gen 2 reporting with FINTRAC. We have the FATF mutual evaluation coming. There's the new reporting of sanctioned property that's going to FINTRAC. There's a lot of moving pieces, as always in AML." Notable speakers at the forum include: Key Topics Include:
Yahoo
29-03-2025
- Business
- Yahoo
Rolling back Corporate Transparency Act was right for Tennessee small businesses
U.S. Treasury Department Takes Correct Stance in Corporate Transparency Act Rollback Tennessee is the perfect place to do business. We have one of the best economic climates in America, a AAA bond rating, the second-lowest debt per capita in the entire nation, and a long history of fiscal responsibility that crosses party lines. These are just a few areas where the Volunteer State stands out amongst its peers. Tennessee's business stability, the steady flow of companies moving here, and the incredible quality of life our citizens experience emphasize the importance of low taxes and a predictable regulatory environment − unlike what we have seen in Washington, D.C., in recent years. Federal mandates stifle environments where businesses would otherwise thrive, and bureaucratic red tape tends to hit Main Street harder than Wall Street. One recent example is the Corporate Transparency Act of 2021. This regulatory wreck was buried inside a massive bill and enacted without much thought or basis. It was pitched to combat money laundering, tax fraud, and other financial crimes while increasing transparency around business ownership. Instead, the Beneficial Ownership Information reporting mandate created confusion for mom-and-pop businesses. This unnecessary regulation made them jump through hoops, like excessive paperwork, tracking down owner identification, and sharing massive amounts of personal information with the federal government. Many small businesses made good-faith efforts to comply to avoid exorbitant fines and potential jail time. Meanwhile, bad actors simply found loopholes to bypass requirements. Opinion: Human trafficking is committed all over Tennessee. Businesses can help victims. Thankfully, the U.S. Treasury Department recently announced it will not enforce penalties or fines against U.S. citizens or domestic reporting companies related to the Corporate Transparency Act or the associated Beneficial Ownership Information mandate. Many small businesses are still recovering from inflation, supply chain issues, and other regulatory mandates. Getting this regulatory wreck off the tracks is a great victory for Tennessee's small businesses, as well as those across the nation. Rules and regulations must be tailored to advance public interests while also ensuring businesses continue thriving − like we have seen here in Tennessee. I applaud Gov. Bill Lee, Lt. Gov. Randy McNally, Speaker Cameron Sexton, and the General Assembly for creating a predictable regulatory environment that continues paying dividends for Tennessee businesses, including the more than 405,000 businesses registered with our office. My continuing hope is that our leaders in Washington, D.C., will look more to Tennessee as an example of how government should work for the taxpayers and not the other way around. Tre Hargett was elected by the Tennessee General Assembly to serve as the 37th Secretary of State in 2009; he has been re-elected to this position in 2013, 2017, 2021 and 2025. This article originally appeared on Nashville Tennessean: Treasury was right to roll back Corporate Transparency Act | Opinion
Fox News
15-03-2025
- Business
- Fox News
President Trump is making moves to bring a Golden Age to American small businesses
In 1994, the vows "for richer, for poorer" had a whole new meaning. My beautiful new bride was ready to risk it all with me to start our own business. We were just 45 days away from losing everything when we pawned off our wedding silver, sold what we had left, and founded Dunwoody Diamonds USA LLC. It has been 30 years since we founded our business and fulfilled our American dream. My story is a success story, but I faced many challenges and took the risks that every small business owner is familiar with. There were times when we made millions only to lose millions, and at times we were simply just trying to keep the lights on. The past four years under Joe Biden were particularly challenging. Biden's government overreach placed unnecessary strain on the viability and sustainability of small businesses, especially minority-owned businesses. It's already challenging enough for a small business to keep its doors open while managing sales tax, property tax, payroll tax, occupational tax—the list goes on. But Joe Biden's government overreach further strangled small businesses with escalated and redundant regulations. During the final months of Biden's presidency, Joe Biden dealt America's small business owners a final blow by attempting to implement the so-called "Corporate Transparency Act." The law required tens of millions of businesses to complete newly created "Beneficial Ownership Information" (BOI) reports to the federal government or risk fines up to $591 a day, or even prison time. This was just another redundant regulation to stop small business from getting off the ground. Biden's BOI reporting requirements applied to almost 33 million businesses, and missing the deadline could result in a penalty of nearly $600 per day or criminal fines of up to $10,000. Already devastated by Bidenomics, many business owners couldn't afford to fork over thousands in cash for missing deadlines on redundant fees. The American Dream seemed bleak with Biden's overreach and regulations. Small business owners—just one more fee away from closing down—were anxiously awaiting President Trump's return to office. And on Day One, President Trump began to deliver on his promise to put America First, revive the backbone of America's economy, and eliminate business-killing regulations. President Trump is using his executive authority to quickly restore optimism to small business owners. Under President Trump's directive, the Treasury announced the suspension of the Beneficial Ownership Information (BOI) requirement, meaning no fines or penalties associated with Biden's business-killing regulation will be enforced. Treasury Secretary Scott Bessent said it best: this is a commonsense victory for small business owners across the country. President Trump is going line by line to ensure every pointless and burdensome regulation is reversed. Instead of burdening America's small businesses with BOI reporting, the Treasury will consider rules that will only pay additional attention to foreign reporting companies. Protecting small businesses, not punishing them. Suspending this reporting requirement was a victory for small businesses across the country, but there are many more victories to come in the next four years. In President Trump's memorable address to Congress, he reaffirmed his commitment to defend and empower America's small businesses. Since taking office, President Trump signed an executive order requiring federal agencies to cut 10 existing regulations for every new regulation created. President Trump also reversed the enormous over-expansion of the IRS that took place under the Biden administration to target small businesses and rescinded every one of the Biden administration's job-killing, pro-China, anti-American energy regulations that cripple small businesses. For brick-and-mortar businesses, Biden's energy regulations were set to make the basic costs of keeping the doors open even more expensive. If left untouched, businesses would have spent $1,100 more on air conditioners, $2,800 more on gas heaters, and $140 more on light bulbs. President Trump immediately directed his Energy Department to stop those burdensome regulations from going into effect. President Trump's promise to enact reciprocal tariffs is leveling the playing field for American companies and bringing historic investment and jobs to the United States. The February jobs report revealed 10,000 manufacturing jobs were created last month alone. The private sector is now driving job growth, creating over 150,000 new jobs. As one of the world's most accomplished business tycoons, President Trump knows exactly what it takes to Make America Wealthy Again. President Trump is not only a great friend of mine, but a great friend for small businesses. His powerful and compelling vision for America is one that gets government out of the way, unleashes the American spirit, and renews the American Dream.
Fox News
14-03-2025
- Business
- Fox News
Small businesses barely survived Biden. They can't wait for tariffs to fix things
Main Street has been excited for the Donald Trump presidency. Optimism picked up on the back of Trump's resounding election victory. They found an ally in the Secretary of the Treasury, Scott Bessent, who recently echoed his previous small business support, saying, "Wall Street's done great, Wall Street can continue doing well. But this administration is about Main Street." Small businesses and others even scored a major win when Bessent's Treasury Department suspended enforcement of the Corporate Transparency Act's Beneficial Ownership Information reporting for U.S. citizens and entities, which had mostly been targeted at small businesses. But recent policy shifts, including substantial tariffs that have directly impacted small businesses and the markets, are standing in massive opposition to a Main Street win. While Trump and his advisors may be trying to play a long game here, small businesses, which have been brutalized by policy for the last five years, cannot withstand this chaos and blunt-force policy. Five years ago, a policy assault on small businesses began. Many small businesses were closed in whole or in part, or otherwise impacted by state and local COVID-19 policies, while large businesses were left open and supported in the stock market by the Fed. The PPP program purportedly meant to help affected small businesses was poorly structured, meaning a whole lot of people received funding who should not have, and many of those small businesses that rightfully should have been paid via PPP did not receive enough. Downstream effects, including labor force issues and supply chain disruptions on the back of COVID-19 policies beat down small business even more. Then came the Biden administration, bringing historic inflation and an estimated $1.7 trillion in new regulatory costs to small businesses. The effects from all of the above hurt small businesses disproportionally, because they do not have the scale to be able to absorb the costs and issues the way that larger businesses can. And everyone should care, because small businesses are close to half of the overall economy and more than 99% of all business entities. If you want to grow the GDP and see the economy thrive, it must be done in concert with the success of small businesses. Which is why Main Street was hoping that they would get some certainty on tax policy, such as extending the Tax Cuts and Jobs Act, and price stability instead of policy chaos. Tariffs are directly impacting small businesses that did not have time to implement alternate plans and, in many cases, don't have alternatives available. I personally know and have heard stories of small businesses that have incurred major financial penalties that they cannot pass along to consumers – and if they did – it would still hurt Main Street. These are not major car manufacturers or steel producers or defense contractors – these are small and family-owned companies. If tariffs must remain in place, they should be surgical and targeted. If not, then small businesses should be exempt and not have to bear tens or hundreds of thousands of dollars in costs. The economy will suffer otherwise, and small businesses do not deserve to be subject to what equates to more taxes and fees for them. Additionally, the secondary effects of the market are also a problem. Not only does Main Street have money invested through 401(k)s and other brokerage accounts that are directly hurt, but when those go down significantly, they spend less. When your customers are feeling less wealthy, that also ends up impacting small businesses. And while Trump and his advisers may have helped get the dollar index and yield on the 10-year treasury down, no doubt a part of their strategy to deal with the mess President Joe Biden left them, a massive decrease in markets can also mean less collected in tax "revenue," which could end up making the deficit worse and causing a bona fide debt crisis. These are not major car manufacturers or steel producers or defense contractors – these are small and family-owned companies. The administration may be playing a long game, but right now small businesses cannot last that long. The government should focus on certainty, growth, stability, deregulation and prosperity first, as they address government spending, waste and fraud and then look at addressing other issues. That's what Main Street voted for and that's what they deserve.
