U.S. Treasury Adopts Final Corporate Beneficial Ownership Reporting Rule

Cleary Gottlieb – The Financial Crimes Enforcement Network of the Department of the Treasury adopted a final rule to implement the beneficial ownership reporting requirements of the Corporate Transparency Act, part of the Anti-Money Laundering Act of 2020. This legislation requires a range of U.S. legal entities, and non-U.S. legal entities registered to do business in the United States, to report information on their underlying beneficial owners to FinCEN.