Tagged: beneficial ownership

Revisiting FinCEN’s Proposed Regulations on Beneficial Ownership

You don’t need a weatherman to know which way the wind blows. – Bob Dylan, Subterranean Homesick Blues Political winds are important for a number of reasons. When working in the government, you have to seize the political opportunities to advance practical proposals. When it comes to requiring banks and financial institutions to collect beneficial ownership information from account holders and customers, the Panama Papers...

Beneficial Ownership: Sanctions and FCPA Compliance

Financial institutions have been pushing back hard on FinCEN’s proposal to require banks, investment banks and other financial institutions to identify beneficial owners of account holders. As time goes on the impact of FinCEN’s proposal is diminishing. Why? In general, businesses have other reasons to secure beneficial ownership information. One key concern is sanctions compliance. To the extent an account holder engages in international transactions,...