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The Financial Crimes Enforcement Network issued a final rule to clarify that certain telecommunications service providers qualify as “regulated public utilities” and are exempt from the Corporate Transparency Act’s beneficial ownership information reporting requirements. The final rule is effective immediately upon publication in the Federal Register.
Background: The CTA requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately own or control them.
ICBA View: ICBA has repeatedly called on FinCEN to withdraw its requirement that banks collect beneficial ownership information now that the agency is required to collect this information directly from reporting companies.