Page 29 - BusinessWest March 4, 2024

>>
Corporate
Continued from page 25
CEN identifier in lieu of the information otherwise required for the individual.
The consequences of non-compliance can be sig- nificant. It is unlawful under the CTA for any person to willfully provide or attempt to provide false or fraudulent beneficial ownership information to Fin- CEN, or to willfully fail to report complete or updated beneficial ownership information to FinCEN. Under the CTA, violators are liable for a civil penalty of not more than $500 for each day the violation continues,
Continued from page 28
and may be fined not more than $10,000, imprisoned for not more than two years, or both.
An entity that is or may become a reporting com- pany should consider establishing an internal com- pliance program to identify reportable changes and assure that the necessary information is received in a timely manner. A company should also consider if any changes should be made to its governance docu- ments to require beneficial owners to provide (again, in a timely way) the information needed for the
“The takeaway from the De Piero decision is therefore not to eliminate anti-harassment training, but to instead emphasize that the communication and substance of these trainings matter
and that anti-harassment trainings can violate federal law if not implemented properly.”
reporting company to comply with its CTA reporting obligations.
These new reporting requirements will affect many entities. It is important for companies to inform themselves of the CTA’s requirements, determine if the CTA applies, and prepare for compliance. BW
David A. Parke is a partner in the Business/Finance department at Bulkley Richardson.
harassment trainings can violate federal law if not implemented properly. If employers have questions or concerns about their anti-harassment training follow- ing this decision, it is prudent to contact employment counsel. BW
Trevor Brice is an attorney who specializes in labor and employment-law matters at the Royal Law Firm LLP, a woman-owned, women-managed corporate law firm that is certified as a women’s business enterprise with the Massachusetts Supplier Diversity Office, the National Assoc. of Minority and Women Owned Law Firms, and the Women’s Business Enterprise National Council.
>>
Harass
hostile work environment claim could survive.
Conclusion
While the De Piero decision points to how employ- ers can have possible liability when implementing pre- ventive measures, employers should not abandon anti- harassment training and other preventive measures. The court specifically stated that anti-harassment training can aid employers and that “discussing in an educational environment the influence of racism on our society does not violate federal law.”
The takeaway from the De Piero decision is there- fore not to eliminate anti-harassment training, but
to instead emphasize that the communication and substance of these trainings matter and that anti-
UPCOMING:
April 1st - Allergies & Asthma
May 13th - Behavioral Health June 10th - Healthcare Workforce
RESERVE YOUR AD SPACE TODAY DEADLINE: MARCH 15TH
413-781-8600 www.healthcarenews.com
The original cookie monster
“They were so friendly and worked hard to put me at ease regarding our mouse problem. Great people and great service. - John V.
413-566-8222 GraduatePestSolutions.com
BusinessWest
<< LAW >> MARCH 4, 2024 29