In the US, new regulations (Corporate Transparency Act, CTA) require small entities to report their beneficial owners to FinCEN. The CTA is part of the Anti-Money Laundering Act of 2020 (AML Act). The CTA authorizes FinCEN to collect that information and disclose it to authorized government authorities and financial institutions. These regulations go into effect on January 1, 2024.

More information:

• FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance, March 24, 2023.
• Beneficial Ownership Information Reporting.