News

U.S. companies, financial institutions, anti-graft groups and dozens of other stakeholders generally approve of the Financial Crimes Enforcement Network's plan to revise due-diligence obligations for legal entities and build a database of beneficial owners. They are just split on how the bureau should go about it. More than 220 compliance officers, corporate formation agents, banking representatives, state officials and others responded by FinCEN's May 5 deadline for feedback on nearly 50 questions related to the development of the database, largely expressing support for the bureau's campaign to shine a light on the persons who ultimately control anonymous U.S. shell companies....