Davis Polk partner Dan Stipano was quoted in MoneyLaundering.com from a panel at ACAMS’ Las Vegas Conference on the Financial Crimes Enforcement Network’s beneficial ownership reporting rule. Dan noted that the exemptions to the rule and the current absence of a plan for verifying the accuracy of the information that legal entities must submit to FinCEN threaten to undermine the national registry of beneficial ownership information.

“If I’m in the money laundering business, I think [the reporting rule] gives me a pretty good road map if I don’t want to report beneficial ownership,” Dan said. “Frankly, I wonder why any financial institution would want to access it.”

“Las Vegas Reporter’s Notebook,” MoneyLaundering.com (October 4, 2023) (subscription required)

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