Regulators are pushing for financial companies to collect and disclose more information about their customers in the interest of combating fraud, identifying terrorist funding operations, and reining in systemic risk.
The initiative could shed more light on the shadowy identities of shell companies and make it more difficult for companies to set up anonymous units and hidden affiliates.
Expect corporate ownership disclosure to be a hot topic in 2013, thanks to a controversial Treasury Department proposal aimed at tightening customer due diligence requirements for financial institutions.
The proposed rules issued by the Treasury's Financial Crimes Enforcement Network (FinCEN) would expand the ...