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At Hearing on FinCEN’s CDD Plan, Critics Outline Concerns
By Colby Adams
printCritics of a U.S. Treasury Department plan to strengthen beneficial ownership reporting by financial institutions aired their concerns to Obama administration officials at a rare public hearing Tuesday. The potential rules, outlined in a February advance notice of proposed rulemaking (ANPR), could require banks, securities brokers, futures commission merchants and others to better identify the beneficiaries of corporate accounts who directly or indirectly own more than 25 percent of the entity's equity interest. If no entity owns 25 percent of a corporation, financial institutions would have to report the largest owners based on percentages, the department said in February. The...
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