FinCEN’s Beneficial Ownership: Clarity or Confusion?

As published in ACAMS Today

As of January 1, 2024, many U.S. companies must report details of their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Beyond the reporting requirements, access rules, and likely changes to the CDD rule, what does this all mean for our anti-money laundering (AML) programs?

As of January 1, 2024, many U.S. companies are required to report details of individuals who benefit from ownership or control of the company to the Financial Crimes Enforcement Network (FinCEN). The bureau is now launching an educational outreach program to walk companies through the new reporting rules and offer guidance on how they can stay in compliance while it continues to hash out changes to the customer due diligence (CDD) rule. What does this mean for compliance professionals and their business partners?

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