The American Bankers Association (ABA) has responded to the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2020).

The association says it supports the creation of the registry but, because the FinCEN proposal is only the first of a three-part regulatory scheme to implement the beneficial ownership registry, it is difficult to assess how these reporting requirements fit with bank responsibilities.

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