The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule on beneficial ownership information reporting requirements that would implement key provisions of the Corporate Transparency Act, which was enacted earlier this year as part of the Anti-Money Laundering Act of 2020.

These laws are expected to precipitate substantial revisions to the US’ anti-money laundering and counter financing of terrorism (AML/CFT) compliance framework.

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