FinCEN Issues Final Rule on Beneficial Ownership Reporting Under the Corporate Transparency Act

On September 29, 2022, the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its Final Rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act legislation. The Final Rule brings about significant revisions to the U.S. anti-money laundering/countering the financing of terrorism compliance framework, implementing sweeping beneficial ownership disclosure requirements applicable to all U.S. companies and foreign companies doing business with or within the U.S.