Trump Administration Halts Enforcement of Key Small Business Anti-Money Laundering Rule
Trump Administration Halts Enforcement of Key Small Business Anti-Money Laundering Rule The U.S. Treasury Department, under the Trump administration, has announced it will no longer enforce a pivotal Biden-era regulation that required small businesses to report beneficial ownership information. This decision, revealed in a Sunday evening statement, means the Treasury will not impose penalties on companies failing to register with the beneficial ownership information database, a system originally designed to combat money laundering and the formation of anonymous shell companies….