News

The U.S. financial intelligence unit is close to revealing a proposed rule for creating a newly required database of beneficial owners and will seek feedback from financial institutions and other stakeholders on the project, the bureau's top official said Monday. Ken Blanco, director of the Treasury Department's Financial Crimes Enforcement Network, told attendees of a virtual conference hosted by the Florida International Bankers Association that the bureau has tasked a team of enforcement, policy, legal, technology and cybersecurity staff with building the IT infrastructure necessary to collect, store and share the ownership data. "We are in the process of developing...