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ACAMS moneylaundering.com: For US Beneficial Ownership Database, Deepest Pitfalls May Lie Ahead

October 24, 2022

The US Treasury Department and its Financial Crimes Enforcement Network, or FinCEN, plan to establish the beneficial ownership registry, an online database that will hold identifying information for millions of corporations, LLCs, and other entities, by January 1, 2024. O’Melveny partner AnnaLou Tirol, a former deputy director of FinCEN, believes it is plausible for the system to be up and running by the target date, but only if Congress provides the necessary resources. The database will cost an estimated US$82 million in its first year and US$36 million annually after that. “That’s for maintaining a new information system, it’s for personnel needed to implement this and everything else that goes along with the Corporate Transparency Act,” Tirol said. “They’re enacting a landmark, first-of-its-kind information system and registry that the US has never had before.”

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