Tagged: FinCEN beneficial ownership rules

FinCEN Issues Final Rule for Beneficial Ownership Reporting

The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued its final rules implementing the beneficial ownership reporting requirements pursuant to the bipartisan Corporate Transparency Act (“CTA”).  The rule requires most companies, limited liability and other entities that are registered to do business in the United States to report to FinCEN information about their beneficial owners. The long-awaited rules are intended to stop criminal actors, including...

FinCEN Issues Guidance for Beneficial Ownership Regulations

Financial institutions face an important deadline – May 11, 2018 is the effective date for the new customer due diligence regulations governing beneficial ownership requirements.  FinCEN provided financial institutions nearly two years to prepare for the implementation date. FinCEN issued comprehensive guidance on the new regulations and has sought to clarify as many issues as possible.  (See HERE for Copy).  There is no question that...