FACT submits comments praising Treasury’s revised beneficial ownership reporting form, and suggests small changes to help improve user experience and increase the usefulness of reported information for law enforcement.
FASB’s revised income tax reporting standards represent a “dramatic improvement” over existing disclosure, and Treasury looks to delay beneficial ownership reporting for newly formed entities.
Recent expert testimony before a House Financial Services subcommittee emphasized the need for FinCEN to make substantial revisions to its proposed beneficial ownership information access rule, as well as the need for additional funding for the bureau.
The appointment of U.S. sanctions expert Andrea Gacki to lead the Financial Crimes Enforcement Network will help empower the Bureau to better safeguard the U.S. financial system from ever-evolving threats.
The Administration’s updated regulatory agenda indicates that the second final rule to implement the Corporate Transparency Act will be released in September, while much-needed new draft regulations on real estate transactions will be made available for comment in August.
Secretary Yellen outlines upcoming AML initiatives, U.S. commits to verification of data collected under the Corporate Transparency Act, and FinCEN gets ready to revise and reissue a controversial beneficial ownership information intake form.
