30.04.2021. USA – data about beneficial owners

Company News

US Treasury financial regulator FinCEN has begun a consultation on implementing the strict new beneficial ownership reporting rules established by the Corporate Transparency Act (CTA).
The CTA requires FinCEN to maintain the reported beneficial ownership information in a confidential, secure, and non-public database. It also requires FinCEN to revise existing financial institution customer due diligence regulations concerning beneficial ownership to take into account the new direct reporting of beneficial ownership information.
FinCEN strongly encourages all interested parties, particularly those that would be affected by the beneficial ownership information reporting provisions or would seek access to reported beneficial ownership information, to submit written comments.
It expected that CTA is unlikely to have a significant impact on most Americans as its designed primarily to ban anonymous shell companies used for illicit purposes, and the primary effect of the CTA will be slightly increased reporting for small enterprises.
It also questioned if the consultation should explicitly exclude from reporting requirements any group of entities that is not expressly exempted under the text of the CTA, such as the private funds industry and foreign public companies.