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> For example, the United States has not required the disclosure of beneficial ownership information for establishing corporations (violating rec. 24) until rec

> For example, the United States has not required the disclosure of beneficial ownership information for establishing corporations (violating rec. 24) until recently. I worked on a front line product for US banks and built a process to verify beneficial ownership for business account openings. I found the current expectations to be laughable: https://www.federalregister.gov/documents/2022/09/30/2022-21020/beneficial-ownership-information-reporting-requirements https://www.federalregister.gov/documents/2022/09/30/2022-21... > An individual may be a beneficial owner of a reporting company by indirectly holding 25 percent or more of the ownership interests of the reporting company through multiple exempt entities. Getting around this is not very difficult if you are clever and wealthy. The overall takeaway I had was that these kinds of rules don't really work in the cases where they need to the most. I don't know how much of a deterrent this could ever hope to be. We even developed an override process for this based on a request from one of our clients.

DennisP 1y ago
Indirectly holding through multiple entities still counts? How would someone legally get around that? It seems like whatever you do, it's still summing up.
- bob1029 1y ago
  Not all entities count. There are 23 types that are conveniently exempt from this regulation. https://www.fincen.gov/boi-faqs#C_2 https://www.fincen.gov/boi-faqs#C_2
eep_social 1y ago
unsurprisingly they killed off the BOI reporting requirement in March [1]: > ALERT [Updated March 26, 2025]: All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. [1] https://www.fincen.gov/boi https://www.fincen.gov/boi
- privatelypublic 1y ago
  Yea, AFTER you had to file the report to go to jail- and BEFORE it could be retroactively shot down nationally in court. (They already lost in some states)

DennisP 1y ago

Indirectly holding through multiple entities still counts? How would someone legally get around that? It seems like whatever you do, it's still summing up.

bob1029 1y ago
Not all entities count. There are 23 types that are conveniently exempt from this regulation. https://www.fincen.gov/boi-faqs#C_2 https://www.fincen.gov/boi-faqs#C_2

eep_social 1y ago

unsurprisingly they killed off the BOI reporting requirement in March [1]: > ALERT [Updated March 26, 2025]: All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. [1] https://www.fincen.gov/boi https://www.fincen.gov/boi

privatelypublic 1y ago
Yea, AFTER you had to file the report to go to jail- and BEFORE it could be retroactively shot down nationally in court. (They already lost in some states)