Not that I'm a lawyer, but this rule strikes me has having a lot of potential. If a company declares false beneficiaries, it may be hard to find the true beneficiary, but I would think it's a lot easier to find and prosecute everyone involved in the false declaration.
Civil asset forfeiture applies to non-powerful people like immigrants who like cash, and silent generation people who never trusted banks again. The powerful would slip away and the government would seize middle class grandma’s house after she used an LLC but forgot to file FinCEN paperwork.
No need to declare false beneficiaries. Click through to the final rule and ctrl-F “exempt”, then keep in mind there are jurisdictions that approach capital formation by creating structures that fall into those categories.