Regulatory Alerts2021-04-01
Added
Beneficial Ownership Information Reporting Requirements
The Financial Crimes Enforcement Network issued an advance notice of proposed rulemaking to solicit public comment on implementing the Corporate Transparency Act. The notice seeks input on procedures for reporting companies, such as corporations and LLCs, to submit beneficial ownership information identifying individuals who exercise substantial control or own at least 25 percent of the entity. It also requests feedback on the maintenance and disclosure of this data in a secure, non-public database.
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