Access to newly disclosed information about companies’ ownership would be limited and safeguarded, and misuse of the information would be subject to penalties including prison time, under a new regulation the Treasury Department proposed Thursday.
The proposed rule (RIN 1506-AB59) governs who will be able to use “beneficial ownership” information that millions of US and foreign companies must disclose to Treasury’s Financial Crimes Enforcement Network, or FinCEN, starting in 2024. FinCEN announced the new system in September.
The information is intended to help officials crack down on global criminal activity and corruption, by ...
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