(Montréal) À quelques jours du début de son camp d’entraînement, le CF Montréal a fait signer un contrat à l’attaquant et joueur autonome Daniel Ríos.
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Le onze montréalais a annoncé vendredi qu’il avait offert un contrat pour la prochaine saison au joueur autonome. L’entente est assortie d’une option jusqu’en juin 2027, puis d’une autre pour la saison 2027-28.
« L’arrivée de Daniel Ríos permet d’élargir nos options sur le plan offensif, a déclaré le directeur principal, recrutement et méthodologie sportive du CF Montréal, Luca Saputo. Son expérience au sein de la ligue ainsi que son leadership apporteront une contribution importante à l’équilibre de notre effectif. »
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What is the Corporate Transparency Act (CTA)?
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The Corporate Transparency Act (CTA), enacted as part of the National Defense Authorization Act for fiscal Year 2021, requires most U.S. companies to report beneficial ownership data to the Financial crimes Enforcement Network (FinCEN).
Prior to the CTA, the lack of readily available information about who ultimately owned and controlled companies facilitated illicit activities like money laundering, tax evasion, and fraud. The CTA aims to combat these issues by creating a centralized database of beneficial ownership information, making it easier for law enforcement and financial institutions to identify and investigate illegal activity. The law doesn’t create a public database; access is restricted to authorized recipients.
For example, on December 1, 2023, FinCEN finalized the rule detailing the reporting requirements, including the types of information to be collected and the procedures for submitting reports. This rule became effective January 1, 2024.
Who Must Comply with the CTA?
Most U.S. entities, including corporations, limited liability companies (LLCs), and other similar structures, must comply with the CTA. However,there are 23 exemptions,including companies that are already subject to significant regulation,such as those registered with the Securities and Exchange Commission (SEC) as investment advisors, and banks insured by the Federal Deposit Insurance Corporation (FDIC).
The CTA defines “beneficial owners” as individuals who directly or indirectly own or control at least 25% of a reporting company.Control can take various forms, including through ownership, voting rights, or the power to appoint or remove officers. Reporting companies must identify these individuals and provide their names, dates of birth, addresses, and identifying numbers from a valid identification document.
As of january 1, 2024, companies created in 2024 are required to file within 30 days of formation. Companies existing before January 1,2024,have until January 1,2025,to file. FinCEN provides a Beneficial Ownership Information (BOI) page with detailed guidance and resources.
What Information Needs to Be Reported?
Reporting companies must submit information about their beneficial owners and company applicants – the individuals who directly file the documents that create the entity. This includes:
- Full legal name
- Date of birth
- address
- An identifying number from an acceptable identification document (such as a U.S. driver’s license, passport, or state-issued ID card)
- A unique FinCEN identifier (if applicable)
The information is submitted electronically through FinCEN’s Beneficial Ownership Secure System (BOSS).FinCEN emphasizes the importance of accurate reporting and warns of potential penalties for submitting false or incomplete information.
On November 29, 2023, the FinCEN issued a final rule outlining who will have access to the BOI data, including federal law enforcement, intelligence agencies, and, with appropriate safeguards, financial institutions.
Penalties for Non-Compliance
Failure to comply with the CTA can result in both civil and criminal penalties. Civil penalties can reach up to $10,000 per violation,and criminal penalties can include fines of up to $500,000 and imprisonment for up to two years.
The severity of the penalty depends on the nature of the violation and whether it was intentional. FinCEN has stated that it will prioritize enforcement against companies and individuals who intentionally attempt to conceal beneficial ownership information.
In a press release issued on March 14,2024,FinCEN announced its first enforcement actions against companies for failing to file required BOI reports,demonstrating the agency’s commitment to enforcing the CTA.
Recent Legal Challenges and the Status of the CTA
the CTA has faced legal challenges,most notably a lawsuit filed by the National Association of Small Business Owners (NASBO) and others. On March 11, 2024, the Eleventh Circuit Court of Appeals ruled in favor of the government, upholding the validity of the CTA. The court rejected arguments that the CTA was unconstitutional, finding that it was a legitimate exercise of Congress’s authority to combat financial crimes.
Despite the court ruling, challenges continue. On March
