Browsing: Beneficial ownership

Compliance and Risk

As the Financial Crimes Enforcement Network works to implement the Corporate Transparency Act—an ABA-advocated provision of the Anti-Money Laundering Act of 2020—Acting Director Him Das told lawmakers it will publish a second notice of proposed rulemaking this year “that will propose regulations governing access to beneficial ownership information by law enforcement, national security agencies, financial institutions and others.”

Compliance and Risk

In response to the Financial Crimes Enforcement Network’s proposed rule for a beneficial ownership registry, ABA said today in a comment letter to FinCEN that it is difficult to determine how the reporting requirements will fit with bank responsibilities because it is only the first of three regulations to implement the registry.

Compliance and Risk

As part of its efforts to implement provisions of the Anti-Money Laundering Act of 2021—the first significant changes to Bank Secrecy Act/anti-money laundering rules in almost two decades—the Financial Crimes Enforcement Network is seeking public input on the creation of a national beneficial ownership database.

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