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Led by House Financial Services Committee Chair Patrick McHenry, R-N.C., Republican lawmakers asked the Financial Crimes Enforcement Network to develop a plan to make sure small businesses can come into compliance with its new beneficial ownership rule.
June 8 -
The only way for Fincen to assure that banks have the tools to identify illicit shell companies is for the agency to verify the information in its new beneficial ownership database.
March 1Bank Policy Institute -
Amid the clamor over the agency's new beneficial ownership database, banks want FinCEN to withdraw the rule.
February 17 -
Authorities gained from Russian sanctions legislation helped law enforcement build the case against Hong Kong-based exchange.
January 18 -
Rules being considered by the Financial Crimes Enforcement Network would needlessly hinder banks seeking to do due diligence on their customers.
January 4RegTech Consulting -
The acting director of the Financial Crimes Enforcement Network, Himmamauli Das, said the so-called access rule of the Corporate Transparency Act will be released by the end of the year.
December 9 -
While the Financial Crimes Enforcement Network has finalized some Corporate Transparency Act rules, the timetable is unclear for regulations involving customer due diligence or database access for banks.
October 5 -
Acting Director Himamauli Das acknowledged concerns from Democratic lawmakers that Fincen was moving too slowly to implement beneficial ownership rules but said the agency "will likely continue to do so, because our budget situation has required us to make significant trade-offs among competing priorities.”
April 28 -
The Financial Crimes Enforcement Network proposed standards to determine which companies must report their beneficial owners under a law enacted in January. Banks hope the new requirements will free them of the burden of collecting true-owner information about their customers.
December 7 -
Prosecutors say Natalie Mayflower Sours Edwards leaked over 50,000 documents, including 2,000 suspicious activity reports, related to payments involving former President Donald Trump's 2016 campaign chairman.
June 4