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The Financial Crimes Enforcement Network is working to issue proposed rules on beneficial ownership information access and disclosure requirements, FinCEN Deputy Director AnnaLou Tirol said.
Remarks: Tirol said developing beneficial ownership provisions of the Corporate Transparency Act—which passed as part of the Anti-Money Laundering Act—is the next step in implementing the law to protect against bad actors.
ICBA Position: In recent letters to FinCEN on beneficial ownership reporting and the agency’s broader Bank Secrecy Act review, ICBA called on the agency to withdraw bank beneficial ownership collection and verification requirements now that it is required to collect this information directly from reporting companies.