Financial Crime Financial Crime

US beneficial ownership disclosure rule would reveal people behind shell companies, FinCEN says

By Robert Thomason
  • 07 Dec 2021 16:41
  • 07 Dec 2021 16:41
People who exert "substantial control" over a company or own at least 25 percent would be required to identify themselves to the US Financial Crimes Enforcement Network, the agency said today in a long-awaited proposed rule designed to combat money laundering in small companies.

The rule is the first step FinCEN would take

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