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The rule would implement reporting provisions passed as part of the Anti-Money Laundering Act of 2020, and would set national rules to make it clear which people actually own or control a company, closing existing loopholes in U.S. law.
The proposed rule would require affected companies to report their identity to the Financial Crimes Enforcement Network (FinCEN), as well as the name, birthdate, address, and a unique identifying number for each of its owners.
