Bankers for years have struggled with requirements of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) laws which require banks to determine the beneficial ownership of certain bank business customers. Corporate and other bank business customers, on the other hand, see this only as a bank asking numerous questions regarding ownership and control of the business. However, with implementation of the Anti-Money Laundering Act of 2020 that includes the Corporate Transparency Act (the Act), which was enacted as part of the National Defense Authorization Act, the burden to develop such information will be moved from banks to many corporate and other business entities. Continue reading >