FinCEN Issues Notice of Proposed Regulations on Beneficial Ownership Information Reporting Requirements

On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN), U.S. Department of Treasury issued proposed regulations to require certain entities to file reports with FinCEN, identifying two categories of individuals: the beneficial owners of the entity; and individuals who have applied with specified governmental authorities to form the entity or register it to do business.  Written comments on the proposed rule can be submitted on or before February 7, 2022.[1]