An AI frenzy. An anti-ESG backlash. New rules from the SEC and updated guidance from the DOJ. All while minding your AML, KYC and TPRM and trying to get people to RTO. Compliance practitioners continued to add more letters to their daily agendas in 2023, and their workloads showed no signs of slowing.
At the risk of giving everybody PTSD flashbacks and in no particular order, these are the top regulatory, corporate integrity and risk management stories of the past 12 months, voted by CCI’s editors and industry experts.
Jump ahead to topic:
Corporate Transparency Act sneaks up on everyone
Coming into law as part of a massive defense authorization bill in 2020, the Corporate Transparency Act has been billed as the most significant reform to U.S. anti-money laundering laws in a generation. Too bad most companies covered by the law have never heard of it.
Despite having a couple of years to get ready to report their beneficial ownership information to the federal government and FinCEN (the Treasury Department agency to which businesses will report) offering guidance on how to do so, a Wolters Kluwer survey in October found that awareness of the new obligations was extremely low. So low, in fact, that about 75% of respondents whose companies will have to report this information were made aware of the…
