ICBA-advocated legislative language to provide relief from "beneficial ownership" disclosure mandates is included in compromise spending legislation headed to a final congressional vote.
'Beneficial owner' reform included in defense bill set for final vote
December 04, 2020 / By ICBA
ICBA-advocated legislative language to provide relief from "beneficial ownership" disclosure mandates is included in compromise spending legislation headed to a final congressional vote.
ICBA-advocated legislative language to provide relief from "beneficial ownership" disclosure mandates is included in compromise spending legislation headed to a final congressional vote.
In a bicameral conference report released Thursday and set for a final vote in the coming days, the fiscal 2021 National Defense Authorization Act would require certain small businesses to disclose their "beneficial owners" to the Financial Crimes Enforcement Network when they are formed or there is a change in ownership structure.
The reforms are part of a broader modernization of the anti-money-laundering framework that are designed to deter anonymous shell companies.
ICBA has long advocated beneficial owner reform—including in its white paper on modernizing the BSA/AML regime—and has worked closely with lawmakers to include the language in the defense bill.
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