Overview
Evan Abrams, Dave Stetson and Jack Hayes authored an article titled "FinCEN Issues Proposed Rule on Reporting of Corporate Ownership" for FISC. The article discusses how in December 2021, the US Department of the Treasury's Financial Crimes Enforcement Network ('FinCEN') published a proposed rule to implement the Corporate Transparency Act ('CTA'), which was enacted as part of the Anti-Money Laundering Act of 2020 within the National Defense Authorization Act for Fiscal Year 2021. According to the authors, the proposed rule, in short, would require certain business organizations and entities to report affirmatively information to FinCEN about the beneficial owners and controllers of such organizations and the individuals who have filed an application with state or tribal authorities to form the entity or register it to do business. The authors cover who is required to report, what information should be included, when and what's next.
The article can be read at FISC (subscription required), or on Steptoe's International Compliance Blog.
