Which domestic and foreign reporting companies must file reports with FinCEN regarding their beneficial ownership.
Who is a beneficial owner of a reporting company.
What information does FinCEN’s proposed rule require from reporting companies.
When would a reporting company need to submit to FinCEN a report identifying its beneficial owners
On Dec. 7, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (NPRM) to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). The CTA is part of the Anti-Money Laundering Act of 2020 (AML Act) and generally establishes beneficial ownership information reporting requirements for certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States.
The rules proposed under this NPRM are part of three sets of rulemakings, which FinCEN intends to issue to implement the requirements of the CTA: a rulemaking to implement the beneficial ownership information reporting requirements (this NPRM); a second rulemaking to implement the CTA’s protocols for access to and disclosure of beneficial ownership information; and a third rulemaking to revise the existing customer due diligence requirements for financial institutions (CDD Rule).
The NPRM addresses, among other things: (1) which entities must report beneficial ownership...
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