Friday, September 2, 2022

OMB To Review FinCEN's Proposed Regs On Beneficial Ownership Reporting

On December 17, 2021, we posted FinCEN Issues Proposed Regs On Beneficial Ownership Reporting, where we discussed that the Financial Crimes Enforcement Network (FinCEN) has issued proposed regs implementing the beneficial ownership information reporting provisions of the Corporate Transparency Act. The proposed rules address, among other things, who must report beneficial ownership information (BOI), when BOI must be reported and what BOI must be reported.

Now according to Law360Final rules establishing a database of beneficial ownership information are pending before a division of the Office of Management and Budget in a bid to keep money from moving through shell companies.

The Office of Information and Regulatory Affairs at the OMB received the rules on August 30, 2022, according to information on its website. 

The Division Generally Has Up To 90 Days
To Complete Reviews Of Regulations.

The proposed regs by the U.S. Department of the Treasury's financial crimes unit in December would require corporations and similar legal entities to report identifying information such as the full legal names, dates of birth and addresses of all of their beneficial owners. An individual is considered to be a beneficial owner under the rules if they have "substantial control" over the company or own or control at least 25% of it.

Treasury's Financial Crimes Enforcement Network says a registry of beneficial ownership information would help to check the ability of those seeking to obscure their interests in shell or front companies.

Have a FinCen Reporting Problem?

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