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Beneficial Ownership Rules Should Recognize State Regulators

The Corporate Transparency Act’s beneficial ownership reporting requirements should formally recognize state regulators, CSBS said today in a comment letter to FinCEN. 

Responding to an advance notice of proposed rulemaking, CSBS noted its strong support of the proposed requirements, which would require entities like corporations and limited liability companies to disclose their beneficial owners among other information. This would help prevent anonymous and illicit activity from bad actors. 

To strengthen the regulation, CSBS asked for state financial regulators to be classified as an “appropriate regulatory agency,” enabling them to request to access to beneficial ownership information, and for FinCEN to consult with state regulators when developing the regulations.

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