On January 1, 2021, Congress enacted the Corporate Transparency Act as part of the Anti-Money Laundering Act of 2020, stating, “Better enable critical national security, intelligence, and law enforcement efforts” activities. “FinCEN will issue a final rule on beneficial owner information reporting requirements on September 29, 2022, requiring FinCEN to provide reports identifying beneficial owners of entities, primarily small, unregulated companies. Provide similar identifying information about the person(s) who formed the company On December 16, 2022, FinCEN will provide access and protection of beneficial owner information and a FinCEN identifier for the entity. Suggested rules for usage. A protocol for authorized recipients to access the beneficial owner database while maintaining the highest level of data protection and oversight.
Read the full client warning here.
