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Planned Beneficial Ownership Rule Would Do ‘Nothing,’ Says Former PSI Official
printDraft U.S. Treasury Department rules on customer due diligence requirements for financial institutions would not prevent criminals from exploiting shell companies, according to Elise Bean, former staff director and chief counsel of the Permanent Subcommittee on Investigations. The expected regulation, proposed by the department last year, would grant illicit actors a simple loophole to avoid reporting their control over corporate entities to banks, said Bean, who helped lead the subcommittee's high-profile investigations into anti-money laundering (AML) violations and the misuse of offshore accounts by American tax dodgers. In an interview with ACAMS moneylaundering.com senior reporter Colby Adams, Bean, now interim...
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