I think the genesis was the Panama papers release way back. Turns out the US is one of the better places to launder money through.
I don’t understand though: Why would any company find it difficult to register their owners? That seems like a pretty basic thing any company should know and it’s a perfectly normal thing in most countries.
Most countries have work arounds, because of a combo of;
1) stalkers
2) hiding money from divorce proceedings and angry ex’s
3) hiding money from lawyers looking for a payday
4) hiding money from various tax authorities
well, often there is a lot of overlap among all of these.
Supposedly, but there was scant information about the what/why and small businesses were told compliance was mandatory and failure to comply would have been a felony (if memory serves). This is phenomenal news if you're an SMB. That would have caused a lot of grief for those unaware (most people were because rollout was slipshod at best).
I personally filled out this form, under duress, because there was ZERO communication from any regulating body of the requirement.
And yes it was a felony to not register by, IIRC, December 31st of the same year the measure was passed or some other very accelerated timeline.
There was no email, letter, or notification received. The data collected included enough information for someone to effectively takeover my business record for my state if the government dataset ever got leaked.
I'm glad they are forcing the erasure of the data.
If there's no reporting rule, there's no reason for govt to have that information.
Wasn't the purpose of it to aid in mitigating certain types of fraud, like with Covid-19 PPP loans and Medicare?
I don’t understand though: Why would any company find it difficult to register their owners? That seems like a pretty basic thing any company should know and it’s a perfectly normal thing in most countries.
1) stalkers 2) hiding money from divorce proceedings and angry ex’s 3) hiding money from lawyers looking for a payday 4) hiding money from various tax authorities
well, often there is a lot of overlap among all of these.
And if I recall correctly it was only a felony to refuse to comply. The government sent letters that had to be ignored, etc.
And yes it was a felony to not register by, IIRC, December 31st of the same year the measure was passed or some other very accelerated timeline.
There was no email, letter, or notification received. The data collected included enough information for someone to effectively takeover my business record for my state if the government dataset ever got leaked.
I'm glad they are forcing the erasure of the data.