By
Aaron Nicodemus2022-09-29T19:41:00
The Financial Crimes Enforcement Network (FinCEN) finalized its beneficial ownership rule, which will require certain reporting companies to file basic information with the agency about who controls their finances.
The submitted information will be contained in a beneficial ownership registry overseen by FinCEN, a bureau of the U.S. Treasury Department, that will likely be accessible to law enforcement, financial institutions, and other “authorized users” but not the public.
The final rule, scheduled to be published in the Federal Register on Friday and take effect Jan. 1, 2024, will require reporting companies (both foreign and domestic) that file incorporation paperwork with secretaries of state or tribal authorities to also file beneficial ownership information with FinCEN.
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The Treasury Department’s Financial Crimes Enforcement Network released a notice of proposed rulemaking that outlines what agencies and entities should be allowed to access the beneficial ownership registry that is in the works.
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Determining the ultimate beneficial owner of individuals and companies your firm does business with can be a tricky thing. The most efficient investigations require an understanding of your firm’s risk appetite and appropriate technology to automate searches.
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Charges levied by the Securities and Exchange Commission regarding an international scheme in which hackers accessed online brokerage accounts to manipulate stock prices impart cybersecurity and beneficial ownership lessons for compliance professionals.
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Nine states are collaborating to write and enforce comprehensive data privacy laws, in an effort to protect consumers across jurisdictions and due to the absence of a broad, federal privacy law.
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