The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, on Thursday launched its rulemaking process that will require corporations report the individual or individuals who own and control them, part of an initiative to help U.S. law enforcement fight financial crime.
The federal defense spending bill, signed into law in January, contained amendments to the Bank Secrecy Act that require corporations, limited liability companies, and similar entities to report certain information about their beneficial owners, which are defined as “the individual natural persons who ultimately own or control the companies.”
