A pair of New York federal lawmakers Wednesday will reintroduce legislation designed to eliminate the purported ease with which U.S. corporate entities can be used to launder illicit proceeds. Under the Incorporation Transparency and Law Enforcement Assistance Act (ITLEA), U.S. companies would be required to record and disclose the names, addresses, and passport numbers of their beneficial owners to state officials or licensed company formation agents. The measure would require the agents to regularly disclose changes in their clients' ownership structures as well as instances when they've dropped customers for noncompliance. Incorporation agents and the individual clients they serve would...
U.S. lawmakers Wednesday pledged a potentially broad overhaul of U.S. anti-money laundering rules and considered draft legislation that would require corporate and legal entities to identify their beneficial owners.
Despite an ongoing push for greater financial transparency, few EU nations have signaled a willingness to require corporations and trusts to identify their owners, a nongovernmental group said in a report.
Compliance with beneficial ownership standards will be one of the top priorities for Financial Action Task Force examiners during the group's next round of jurisdictional reviews, a U.S. official said Tuesday.
The U.S. Treasury Department said Wednesday that it was considering imposing customer due diligence currently applied to private banking and correspondent accounts to all accountholders at depository institutions.
The chairman of the U.S. Senate's Permanent Subcommittee on Investigations will reintroduce a measure that would require company formation agents to record beneficial ownership data, a government official said Tuesday.