Ian Herbert Quoted on Compliance Impact of CTA Ruling in Bloomberg Law
"Treasury Rule Forces Companies to Disclose Beneficial Owners"
Ian Herbert was quoted on the compliance impact of a final rule regarding reporting of beneficial ownership information, pursuant to the Corporate Transparency Act (CTA). The final rule, issued by U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) on September 29, will require most corporations, limited liability companies, and other entities created in or registered to do business in the U.S. to report information about their beneficial owners — the persons who ultimately own or control the company — to FinCEN. The new ﬁlings "will have obvious increased compliance burdens on companies. There will be some increased costs that come with creating that database," Herbert said.