The Financial Crimes Enforcement Network updated two frequently asked questions related to access to beneficial ownership information.
FinCEN updates FAQs on beneficial ownership
November 18, 2024 / By ICBA
The Financial Crimes Enforcement Network updated two frequently asked questions related to access to beneficial ownership information.
The Financial Crimes Enforcement Network updated two frequently asked questions related to access to beneficial ownership information.
Background: The Corporate Transparency Act requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately own or control them.
ICBA View: ICBA has repeatedly called on FinCEN to withdraw its requirement that banks collect beneficial ownership information now that the agency is required to collect this information directly from reporting companies.
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