Beneficial-Ownership Reporting and System Standards
Following enactment late last year of legislation establishing Federal standards for the disclosure of corporate beneficial-ownership information designed to prevent shell companies from evading anti-money laundering (AML) and related law, FinCEN has begun to implement these new disclosures and its own actions related to storing and disclosing them.  Mindful of Congress’ instructions to minimize burden and enhance efficiency, FinCEN’s approach nonetheless appears intended to ensure its own objectives – expansive and current beneficial-ownership information – are achieved.