The American Bankers Association (ABA) is urging the Financial Crimes Enforcement Network (FinCEN) to make changes to the form that entities will use to report beneficial ownership information to the registry that FinCEN is creating to store this information.

Financial institutions have so far not been provided the relief from the burdens of onboarding and customer due diligence they had hoped for as a result of the final version of the beneficial ownership rule issued in September by FinCEN according to the Thomson Reuters Institute and Thomson Reuters Regulatory Intelligence (Trade-based Financial Crime, 30 January 2023).

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