Hacker News new | ask | show | jobs
by bbanyc 1294 days ago
This has never been public record in the US, part of how America’s lax reporting requirements for private companies have traditionally made it more “business friendly” than Europe.

As of 2024 private entities in the US will need to report ownership to FinCEN though it still won’t be available to the public.

1 comments

Banks were already collecting beneficial ownership information due to the CDD rule from FINCEN in 2018. Many banks especially those that had past problems with FINCEN/FDIC AML inspectors were doing it long before that. America is hardly a lax jurisdiction, people conflate registering a company with actually being able to do anything with it. Not to mention if the company is paying someone the IRS will know about that, they'll also have the EIN application, etc. Europe has all the supposedly state of the art AML rules but at the end of the day stuff like sanctions violations, money laundering, etc that gets you 7 years in prison in America gets you a suspended sentence and a €100,000 fine in the Netherlands.