Comparing 'Ultimate Beneficial Owner' Rules In EU And US

By Rodrigo Calleja (September 8, 2021, 4:48 PM EDT) -- In December 2020, the U.S. Senate and U.S. House of Representatives passed the National Defense Authorization Act for fiscal year 2021, with the act becoming law on Jan. 1.

This act includes both the Anti-Money Laundering Act and the Corporate Transparency Act. The CTA will require corporations, limited liability companies and similar entities to report certain information about their beneficial owners.

The act defines a beneficial owner as a natural person "who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise (i) exercises substantial control over the entity, or (ii) owns or controls not less than 25% of the...

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