ACAMS moneylaundering.com: Reporting ‘Loophole’ Risks Undermining FinCEN’s New Database, Analysts Warn

1월 20, 2023

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a notice this week announcing that companies can select an “unknown” option when submitting a reporting form indicating their beneficial owners. Nearly 33 million companies, partnerships, and other corporate entities must submit the form during the first 12 months of a new national database being rolled out, mandated under the Corporate Transparency Act. AnnaLou Tirol, a former deputy director of FinCEN, noted that a stricter policy may prompt companies to enter incorrect or speculative beneficial ownership information. “Knowing whether a reporting company tried to obtain the BOI, but was unable to, may be a better alternative than absolutely requiring that all fields be filled in,” Tirol said.

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