January 2018 JD Supra

There seems to be a convergence by the Financial Crimes Enforcement Networks (FinCEN), the Treasury Department and the IRS for determining “who is the UBO” of entities.   The U.S. Government is determined to enforce financial transparency and combat the misuse of companies through engaging in illicit activities.

To accomplish the goal of enhanced financial transparency and combat misuse of entities, these U.S. Government Agencies have issued regulations requiring financial institutions and others to provide an answer to “who is actually the UBO”:  https://www.jdsupra.com/legalnews/bsa-fincen-treasury-and-irs-want-to-92451/