The Corporate Transparency Act, discussed for years, became a reality in December when it was passed as part of the National Defense Authorization Act. The big news: The formation of a beneficial ownership registry for newly created entities, to be established and maintained by FinCEN. Proponents see it as a major advance in fighting the anonymity and abuses of shell corporations that have served as veritable getaway cars for drug traffickers, sanctions/tax evaders and corrupt officials laundering illicit loot. But what’s not yet clear is how this may impact the existing obligations for financial institutions under the CDD Final Rule of 2016, which dictates the collection of beneficial ownership information on “legal entity customers.” Others have criticized the law as burdensome for legitimate small entities and a potential infringement of privacy rights. No matter how it plays out, the Corporate Transparency Act is being viewed as a game-changer in the fight against financial crime. This webinar tells you what you need to know.
Who Should Attend?
AML/BSA Officers, Law Enforcement, Legal Advisors, Audit, Consultants