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MoFo Reenforcement The Enforcement Blog

AMLA Implementation: FinCEN Requests Input on Beneficial Ownership Rule

Posted in Regulatory Developments

Following the enactment of the Anti-Money Laundering Act of 2020 (AMLA), which encompasses the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN) published an Advance Notice of Proposed Rulemaking (ANPR) on April 5, 2021, to implement Section 6403 of the CTA, relating to beneficial ownership reporting. In the ANPR, FinCEN solicits comment within 30 days on 48 questions that cover, among other topics, reporting requirements, the beneficial ownership registry, and disclosure of beneficial ownership information (BOI) to third parties.

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