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Benjamin W. Hutten quoted in American Banker article, "Banks fear AML relief may be slow to materialize”

American Banker

In the American Banker article, “Banks fear AML relief may be slow to materialize,” Benjamin W. Hutten discusses a potential compliance burden for banks — not knowing how FinCEN plans to verify the data put into its new beneficial owners database.

Hutten noted, “The Corporate Transparency Act requires reporting companies to provide beneficial ownership information to FinCEN. It does not address verification of that information by FinCEN. The question is whether the verification task is going to be passed onto financial institutions, and if so, what will they be required to do?”

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