Proposed New Beneficial Ownership Rules: Update & Implications

FinCEN issued a Notice of Proposed Rulemaking to give the public an opportunity to review and comment on the proposed rule to implement the CTA’s beneficial ownership information (BOI) reporting provisions. The proposed rule would significantly enhance the ability to protect the U.S. financial system from illicit use. It would also provide essential information to law enforcement and others to help prevent corrupt actors from hiding money or other property in the United States.  

Requiring entities to submit beneficial ownership information to FinCEN and providing timely access to this information to law enforcement, financial institutions, and other authorized users is intended to combat corruption, money laundering, terrorist financing, tax fraud, and other illicit activity.  This webinar will review the proposed rule line-by-line, explain its key elements, and cover the changes that may be required in your policies, procedures, and processes when it finalizes.