NES Financial offers a series of articles written by industry experts addressing pressing issues in the EB-5 industry, such as bank account controls.
This article by Osvaldo Torres of Torres Law, Bank Account Controls: Jay Peak and the Integrity Measures Proposed in House Bill H.R. 5992, discusses the need for meaningful financial controls after the unfortunate sage with the Chicago Convention Center and then Jay Peak.
Jay Peak, which he calls, “[T]he granddaddy of all EB-5 fraud cases,” may have prompted integrity measure proposals such as the Account Control Provision found in H.R. 5992.
Bank Account Controls: Jay Peak and the Integrity Measures Proposed in House Bill H.R. 5992 discusses the Account Control Provision requirements in depth, including:
- New commercial enterprises duty to notify investors, the Regional Center, and the USCIS within one business day after a deposit of foreign investor funds
- Increasing the ease of account visibility for investors, Regional Centers, and USCIS
- Third-party signature authorizations required for transferring funds to the JCE
To read Bank Account Controls: Jay Peak and the Integrity Measures Proposed in House Bill H.R. 5992, download the full eBook, Insights from Experts: Medallion Partners Cover Hot Industry Topics.
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