Under the new Corporate Transparency Act, companies will be required to report their beneficial ownership information to the Financial Crimes and Enforcement Network (FinCEN). But what is FinCEN? And what exactly does FinCEN do?
FinCEN is a part of the U.S. Department of the Treasury, and focuses on financial crime prevention and anti money laundering compliance. The Corporate Transparency Act regulations will require FinCEN to store companies beneficial ownership information, and only certain governmental bodies and institutions will be able to access the information.
But will there be any FinCEN leaks? Only time will tell…
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