If the project is to be implemented, American companies will need to submit detailed information, including information on beneficial owners, to a special division of the Treasury Department for Combating Financial Crimes. The procedure is being implemented as part of the implementation of the Law on Corporate Transparency, which entered into force at the beginning of this year.
According to the new proposals from the Treasury, the personal data of the ultimate owners of the companies will be entered into the register, including last name, first name, date of birth, address and identification number. We are talking about persons who own at least 25% of the company's shares, or who have other instruments of influence on a legal entity.
Previously registered companies will have a year to provide the treasury with information about the ultimate owners, and newly registered companies will have 14 days to disclose data.
According to the public figures who initiated the preparation of the project, it is "a historic opportunity to close the main vulnerability of the US financial system."
