FinCEN mulling beneficial ownership reporting changes amid criticism
By 
Aaron Nicodemus2023-03-29T18:38:00
The reporting requirements of the beneficial ownership information (BOI) registry being developed by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will likely be revised following harsh criticism from lawmakers and businesses.
Himamauli Das, FinCEN’s acting director, said in a statement to multiple media outlets, including the Wall Street Journal, that the agency was “working to issue an updated beneficial ownership information reporting form as soon as possible.”
FinCEN and the Treasury Department did not respond to a request seeking confirmation of the statement.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFinCEN proposes beneficial ownership reporting extension for 2024 companies
The Financial Crimes Enforcement Network announced a notice of proposed rulemaking to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
-
News BriefFinCEN publishes beneficial ownership guidance for small businesses
Nearly three months from the effective date of its beneficial ownership reporting rule, the Financial Crimes Enforcement Network released guidance for small businesses to determine whether they must comply and what information they might be required to provide.
-
News BriefOFAC head Andrea Gacki shifted to lead FinCEN
Treasury Secretary Janet Yellen announced the appointment of Andrea Gacki as director of the Financial Crimes Enforcement Network.
More from Regulatory Policy
-
ArticleTrump family buys into crypto as regulators consider soft touch on the industry
Any doubts that the new administration will take a light touch to upcoming cryptocurrency regulation vanished with President Donald Trump’s launch of his own stablecoin and his family’s growing investments in crypto businesses.
-
Basic PageBanks reported more than $1 B in suspicious activity–much of it fentanyl linked
Banks alerted authorities to $1.4 billion in suspicious transactions in 2024, a big assist in the nation’s fight against crime and fentanyl trafficking, according to the Financial Crimes Enforcement Network.
-
ArticleU.K. aims to streamline regulation to boost economic growth as markets fall
The U.K.’s Chancellor of the Exchequer Rachel Reeves has promised a “radical action plan” to cut the cost of regulation to businesses by a quarter and boost economic growth. Now the Cabinet Office has written to government departments requiring them to justify every quango, with the presumption that these semipublic ...