As the U.S. Treasury Department readies beneficial ownership rules for financial institutions, senators are weighing the introduction of two competing corporate transparency bills that would require disclosures by private companies. Sen. Sheldon Whitehouse (D-RI) is considering the introduction of a measure similar to one proposed by since-retired Sen. Carl Levin (D-MI), according to multiple sources. Levin, who left Congress in December, previously championed legislation that would have tasked corporate formation agents with collecting data on the owners of entities created under state laws. In March, Whitehouse's office confirmed that he would "reintroduce" a measure in the Senate Judiciary Committee, now...
U.S. officials will formally propose this month a long-planned rule that would require banks to identify the owners of their corporate clients, according to an Office of Management and Budget schedule.
The Financial Action Task Force is weighing whether to ask jurisdictions to loosen their privacy laws and require companies to retain data on their owners, among other changes to the group's standards.
The U.S. House of Representatives is set to vote on a Senate-approved bill that would pressure foreign financial institutions to disclose their U.S. clients and extend government subpoena powers of financial records.