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Compliance and Risk GOP lawmakers raise concerns about beneficial ownership rule implementation

A group of four Republican lawmakers wrote to Treasury Secretary Janet Yellen and Financial Crimes Enforcement Network Director Him Das to raise concerns about FinCEN’s plans to educate stakeholders, including 32.6 million U.S. small businesses that may become reporting companies pursuant to new beneficial ownership rules, about their future filing obligations, and possible penalties for non-compliance when the rules take effect Jan. 1, 2024.

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