Final Rules Issued (Part 6)

On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) published final regulations to require certain entities and persons to file ownership reports regarding beneficial ownership and reports on company applicants, thus implementing Section 6403 of the Corporate Transparency Act, which was enacted into law as part of the Anti-Money Laundering Act of 2020 in the National Defense Authorization Act for Fiscal Year 2021. The information to be reported is intended to help prevent and combat money laundering, terrorist financing, tax fraud, and other illicit activity. Continue reading >