Beneficial Owner Reporting Requirements
The first tangible sign of FinCEN moving forward with implementation of the Anti-Money Laundering Act (AMLA) of 2020 comes just as Director Ken Blanco announces his departure to join Citi as chief compliance officer of its newly created financial crimes unit.
On April 1, FinCEN issued an Advance Notice of Proposed Rulemaking to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of AMLA 2020. As a reminder, this provision requires FinCEN to create a database where US corporations, limited liability companies and other entities will be required to report certain information about their beneficial owners. Comments are due by May 5, 2021.You can access the details here.