U.S. officials issued a final rule Thursday which parties can pull the names and other details of corporate beneficial owners from a federal database set to launch in January, granting the financial services industry much broader access to the registry than previously proposed.
A U.S. district judge's ruling against the Corporate Transparency Act promises to disrupt the Treasury Department's collection and provision of beneficial ownership information while the anticipated appeals process play out, legal analysts told ACAMS moneylaundering.com.
The U.S. Financial Crimes Enforcement Network began accepting individual filings of beneficial ownership data on Monday, Jan. 1, as mandated by Congress, but as of Wednesday had yet to launch the interface third parties require to share the details of multiple corporate clients in bulk.
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