Corporate Transparency Act Compliance: Emerging trends, regulatory interpretation, and effective risk management strategies

Robby Dube | Eckland & Blando

Robert “Robby” Dube grew up working in his family’s small business and ranch, so he understands the needs of businesses and works tirelessly to advocate for them in a cost-effective manner. He is a zealous litigator, having briefed, argued, and won numerous motions before both state and federal courts across the country, including maritime and admiralty cases, and has won cases in every stage of the litigation process, including trial. Robby also has deep experience with the factoring industry and the customs industry, litigating for and advising clients across the country.

Robby is deeply experienced with pursuing claims against all levels of government, including bid protests, municipal litigation, challenging terminations for cause, drafting requests for equitable adjustments, and producing government contract compliance guides for businesses. He has engaged in significant Administrative Procedures Act challenges against states and the federal government at the district courts and Circuit courts, winning unanimous decisions.

Robby is a passionate election and constitutional law lawyer, having zealously and successfully represented citizens and citizen groups across the country wherever their government has tried to take away their rights to referendum, free speech, free association, and more. Recently, Robby has been involved in the fight against foreign ownership of crucial infrastructure projects, working to protect national security and the environment.

Robby graduated magna cum laude from the University of Minnesota Law School, where he served as Law Council President and as Executive Editor of the Minnesota Journal of International Law. He also served as the Head Writer for the law school musical group T.O.R.T. (Theatre of the Relatively Talentless) and led the Orientation Program as a Program Director. After graduating, Robby clerked for Hawai’i Supreme Court Associate Justice Richard Pollack.

Alan Winston Granwell | Holland & Knight

Alan Granwell is an attorney in Holland & Knight’s Washington, D.C., office, with more than 50 years of experience in international taxation. In his long and wide-ranging career, he has represented multinational corporations and globally oriented high-net-worth clients in a broad array of international tax planning, compliance and controversy matters, including serving as an expert witness.

Mr. Granwell also advises on tax transparency initiatives, including the Corporate Transparency Act (which will have widespread application to privately held companies and their beneficial owners), the Foreign Account Tax Compliance Act, the Common Reporting Standard and the U.S. Department of Justice Swiss Bank Program.

In the early 1980s, Mr. Granwell was the International Tax Counsel and Director, Office of International Tax Affairs, U.S. Department of the Treasury. In that capacity, Mr. Granwell was the senior international tax adviser at the Treasury Department and was responsible for advising the Assistant Secretary for Tax Policy on legislation, regulatory and administrative matters involving international taxation and directing the U.S. tax treaty program.

Mr. Granwell began his career working at Wall Street law firms. He then moved to Washington, D.C., to accept his government appointment to work for the Treasury Department. Thereafter, he returned to private practice in Washington, D.C. Prior to joining Holland & Knight, Mr. Granwell was a tax attorney for a boutique international tax law firm.

Mr. Granwell is a Fellow of the American College of Tax Counsel and a well-known, frequent commentator and lecturer on international tax matters. He has authored numerous articles for publications, both in the United States and abroad. He has made presentations for the American Bar Association, Section of Taxation, the International Bar Association, the International Fiscal Association, the Society of Trust and Estate Practitioners (STEP) and other organizations in numerous countries around the world. Mr. Granwell also is an active member of the STEP, particularly organizing, moderating and presenting at educational webinars, and is a former chair of the Mid Atlantic Branch, the current Co-Director of Programs for the Mid Atlantic Branch, and a frequent contributor to STEP USA Alerts.

Andrew Weiner | Pillsbury Winthrop Shaw Pittman

Pillsbury Real Estate partner Andrew Weiner’s practice is global in scope, with a significant and sustained concentration on transactions in the New York metropolitan area.

Since 1976, Andrew has represented domestic and foreign clients in equity and debt transactions, the creation of real estate funds and joint ventures, and transactions involving distressed real estate.

Andrew’s practice has had a significant concentration in the hospitality and real estate investment trust (REIT)sectors, and in leasing. His clients have included funds, family offices, institutional lenders, universities, non-U.S. investors and New York City developers. Andrew Weiner is a prominent figure in real estate law, known for his work that includes:

Representing a Swedish public real estate company in joint ventures with a Manhattan-based developer to acquire and develop four sites in Manhattan as boutique office buildings, as well as an early-stage investment in a real estate company.

Representing a New York-based university/medical center in various real estate transactions over three decades, including the acquisition or master lease of nine dormitories and multiple administrative facilities, over 3 million square feet of leasing as landlord or tenant, P3 transactions, development of a biotechnology center, and reorganization of an academic medical center as a commercial condominium.

Representing Prima Mortgage Investment Trust LLC as a co-lender advancing more than $100 million of a $200 million acquisition loan used to finance the purchase of DreamWorks Animation’s headquarters and campus in Glendale, California.

Andrew Weiner’s education includes a J.D. from Harvard Law School, where he graduated cum laude in 1976, and a B.A. from Yale University, where he graduated magna cum laude in 1972.

Deborah S. Thoren-Peden | Pillsbury Winthrop Shaw Pittman

Deborah Thoren-Peden focuses her Chambers-ranked corporate practice on banking, electronic commerce, privacy, anti-money laundering and Office of Foreign Assets Control regulations.

Deb co-leads Pillsbury’s Cybersecurity, Data Protection & Privacy team; its Fintech, Payments & Blockchain team, its Consumer & Retail industry team, and its Unclaimed Property Team. She represents and advises fintech companies, bank and non-bank financial institutions (both domestic and international), money transmitters, retailers, automotive and a variety of other types of companies. She is also a recognized authority with respect to the Bank Secrecy Act and the Patriot Act.

Deb is one of the leading attorneys in the country in the field of electronic payments, stored value/prepaid access, gift and rewards programs. Her area of practice includes the Electronic Fund Transfer Act, state money transmitter licensure laws, NACHA Rules, state and federal laws and regulations related to money services businesses and financial institutions. She is an advisor to the board of WesPay and is a member of NACHA’s Payment Innovation Alliance and other payments-related working groups.

Kenneth S. Witt | Kutak Rock

An experienced corporate and securities attorney, Ken represents commercial banks and other institutional clients, as well as companies in a number of industry verticals, including energy, software and computer hardware technology, private investment funds and other commercial and industrial clients. His work includes institutional investments, mergers and acquisitions, venture capital and securities regulation. Ken also advises firm clients on Corporate Transparency Act compliance and is a leader of Kutak Rock’s CTA Client Service Team.

A graduate of Harvard University (A.B., 1980) and Harvard Law School (J.D., 1983), Ken is rated “AV (Preeminent)” by Martindale-Hubbell®.

Session I – Current Trends and Future Directions in CTA Legislation and Enforcement | 1:10pm – 2:10pm

• Legislative amendments and regulatory guidance
• Emerging trends in CTA legislation
• Recent enforcement actions
• Defending against alleged CTA violations
• Regulatory interpretation and enforcement
• Anticipating future litigation trends

Break | 2:10pm – 2:20pm

Session II – FinCEN’s New RRE Rule: Essential compliance strategies for real estate professionals | 2:20pm – 3:20pm

• The RRE rule and key dates
• Relationship to FinCEN’s geographical targeting orders and CTA reporting
• Scope of the rule and applicability
• The exceptions to reportable transfers
• The entity exemptions to reporting
• How to determine who is a beneficial owner
• Reporting obligations and process
• Penalties for non-compliance

Break | 3:20pm – 3:30pm

Session III – Managing CTA Obligations in Large and Multi-entity Organizations | 3:30pm – 4:30pm

• Complex organizational chart analysis
• Practical limitations of the large operating company, subsidiary and inactive entity exemptions
• Identification of beneficial owners
  • Substantial control
  • Complex capital structures
  • Special concerns
• CTA compliance streamlining
  • New entity formation
  • Onboarding of potential beneficial owners
  • FinCEN identifiers
• Deciding on the use of external CTA vendors
• Recent FinCEN guidance on TINs and disregarded entities
• Recent FinCEN guidance on BOI reports for dissolved and transitory entities
• BOI report updating challenges