2025-01-03 Meeting notes
- Elisa Kendall
Date
Jan 3, 2025
Participants
@Elisa Kendall
@Mark Flood
@Pete Rivett
Discussion
Check with Pawel with respect to approval privileges for Mark.
Today we started to discuss possible requirements for AML use cases, given that the latest DARPA push related to financial cartography appears to be more specific to AML. We reviewed some of the requirements for reporting beneficial ownership, as one piece of the puzzle, and in particular, the details available on the FINCEN web site, at FinCEN.gov .
A number of the details are outlined under the FinCEN page covering the Anti-Money Laundering Act of 2020, at FinCEN.gov , which includes financial assets such as art and antiquities that may be used as the basis for laundering money. Both transactions and ownership must be reported by law depending on the particular case, but we need to dig deeper on both the BOI requirements for reporting beneficial ownership AND the transaction-related requirements to understand the landscape.
With respect to beneficial ownership, “FinCEN continues to develop the infrastructure to administer these requirements in accordance with the strict security and confidentiality requirements of the CTA, including the information technology system that will be used to store beneficial ownership information: the Beneficial Ownership Secure System (BOSS)”.
And, most recently, with respect to filing related to beneficial ownership, “On December 26, 2024, and only three days after lifting the nationwide injunction pending appeal, the merits panel of the U.S. Court of Appeals for the Fifth Circuit reinstated a nationwide injunction staying enforcement of the Corporate Transparency Act (“CTA”) and its reporting rules and regulations. The Fifth Circuit panel decided to continue the nationwide injunction to preserve the constitutional status quo while it examines the parties’ substantive arguments and the merits of the underlying appeal. The Fifth Circuit is reviewing the appeal on an expedited basis, and oral arguments are currently scheduled for March 25, 2025.” Filing is currently on a volunteer basis due to the open court cases. See FinCEN.gov for more about filing details.
Other examples that Pete uncovered:
https://www.gov.uk/guidance/people-with-significant-control-pscs
We looked at what is currently in the ontology, which may be sufficient to apply rules to determine the percent ownership of a business, for example, for reporting depending on the rule, much of which was added based on work with a large bank in this area a number of years ago.