IRS Crime Unit Is Helping Build Beneficial Ownership Database

The IRS Criminal Investigation unit is playing a role in building the database to house newly disclosed information about companies’ ownership, the unit’s deputy chief said Friday.

Starting in 2024, millions of US and foreign companies will be required to disclose identifying information about their “beneficial owners"—who own at least 25% of the company or exercise significant control over it—to the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN.

The IRS criminal unit is helping FinCEN and other agencies create the database, said Guy Ficco, the deputy chief of the CI unit. He was speaking at the American Bar ...