Cozen O’Connor – FinCEN Issues Final Regulation for Beneficial Ownership Reporting

This first regulation enhances recent updates to a number of sections of the Bank Secrecy Act and the Anti-Money Laundering Act, reflecting the Treasury’s efforts to address increasingly inventive means of sheltering illegal profit-making in U.S. real estate and business organizations. This regulation will require most business entities created in or registered to do business in the U.S. to report personal identifiable information about their beneficial owners to FinCEN. Read more.