WHITEPAPER

Demystifying beneficial ownership

Regulatory requirements and best practice for banks and financial institutions

The focus on identifying beneficial ownership (BO) continues to increase as revelations from recent scandals highlight prominent government officials with shell companies set up in offshore tax havens.

This has prompted public and government outrage with a bipartisan group of US legislators proposing legislation to target ‘enablers’ of money laundering.

Based on the Corporate Transparency Act of 2020, FinCEN is mandated to develop a federal level BO registry to address anti-money laundering (AML) financial crime. However, this centralized registry will not be ready until June 2023, putting the US behind the UK and other EU countries in terms of open, easily available access to beneficial ownership information.

In this whitepaper we explore:

• Current legislation around beneficial ownership
• Registry information available in US states today
• How technology can harness both existing and proposed registries
• Future-proofing customer due diligence

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