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 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.
Wasn't the purpose of it to aid in mitigating certain types of fraud, like with Covid-19 PPP loans and Medicare?
And if I recall correctly it was only a felony to refuse to comply. The government sent letters that had to be ignored, etc.
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.