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ANALYSIS: FinCEN Starts Beneficial Ownership Rulemaking

April 8, 2021, 9:01 AM

The Financial Crimes Enforcement Network (FinCEN) has issued an advance notice of proposed rulemaking (ANPRM) on beneficial ownership information reporting procedures and standards required by the Corporate Transparency Act (CTA). Published in the Federal Register April 5, the ANPRM seeks public comment on numerous questions affecting the development of proposed regulations implementing the requirements of the CTA, with a deadline of May 5.

The CTA, added to the Bank Secrecy Act (BSA) as 31 U.S.C. 5336 by Section 6403 of the National Defense Authorization Act of 2021, requires Treasury to promulgate regulations prescribing procedures and standards for companies to...

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