Industry groups and nonprofit watchdogs have markedly different takes on the rule creating a beneficial ownership registry under the administration of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Not surprisingly, advocates for small businesses and banks while supporting the registry’s goals and purpose criticized the burdens complying with its requirements would place on companies. Watchdog groups and nonprofits generally advocated for fewer exemptions that would force more entities to be required to file information with the registry.
