On December 7, 2021, the Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking (NPRM or “Proposed Rule”) 1 to implement the beneficial ownership information (BOI) reporting provisions of the Corporate Transparency Act (CTA), which was contained in the Anti-Money Laundering Act of 2020 (AMLA). 2 The Proposed Rule addresses comments that FinCEN received in response to its April 5, 2021 Advance Notice of Proposed Rulemaking (ANPR). FinCEN asserts that collecting and providing BOI to law enforcement, financial institutions, and other authorized users will help combat corruption, money laundering, terrorist financing, tax fraud, and other illicit financial […]
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