FINCEN CLARIFIES RULES FOR NEW UBO SYSTEM, HIGHLIGHTING ITS WEAKNESS, SAYS EXPERT
December 2nd, 2021
USA FIU FinCEN has sought to clarify ambiguities in how it will collect beneficial ownership information under ‘Anti-Money Laundering Act’ (AMLA) passed by Congress in January, highlighting significant weaknesses in the system, said an AML expert.
While the law increases transparency in US business by creating a new beneficial ownership register, authorising a new AML whistleblowing system, increasing AML fines, and expanding powers to subpoena foreign banks for AML/CFT information, the UBO system has significant exemptions.
FinCEN has now tried to explain ...
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