GAO: Expanded exemptions leave holes in beneficial ownership reporting
The Treasury Department has not taken steps to address gaps in beneficial ownership reporting resulting from its decision to exempt ...
Tag: Beneficial ownership
FinCEN updates CDD rule FAQs to account for beneficial ownership reporting changes
FinCEN has updated and reissued its FAQs regarding bank customer due diligence requirements to account for a recent order that ...
FinCEN eases beneficial ownership reporting requirements
FinCEN issued an order exempting covered financial institutions from the requirement to identify and verify the beneficial owners of a ...
How the Trump administration is reshaping BSA, sanctions compliance
A regulatory refocus coincides with a focus on drug trafficking, sanctions.
Podcast: AI and the future of BSA risk management
Banks have been using natural language processing and machine learning applications for years in managing their anti-money laundering and Bank ...
FinCEN director questioned by lawmakers on regulatory burden, BOI collection
During a congressional hearing, House Republicans said onerous data collection requirements have redirected resources away from FinCEN’s core mission of ...
ABA offers proposals for easing BOI reporting burden on banks
ABA suggested FinCEN make several revisions to its beneficial ownership information rule to ease the burden of its reporting requirements, ...
GAO: FinCEN should clarify inspectors general use of BOI in fraud detection efforts
FinCEN should take steps to improve the ability of inspectors general to determine companies’ beneficial owners, which would be useful ...
FinCEN to exempt U.S. companies from beneficial ownership reporting
FinCEN posted an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information to ...
Treasury Department suspends BOI enforcement for U.S. companies
The Treasury Department announced that it will not enforce any penalties or fines against U.S. companies for failing to report ...
