Key US and EU rules differ, raising risks

Significance The United States began collecting beneficial ownership (BO) information this January, having passed the Corporate Transparency Act (CTA) in 2020 as part of the Anti-Money Laundering Act. However, transatlantic symmetry in this area remains elusive. Impacts The lack of connectedness and transparency across BORs and data vendor restrictions will raise compliance costs. Interoperability problems will also impact the efficacy of detecting financial crime in multi-jurisdictional corporate structures. Interoperability problems will similarly impact the detection of sanctions violations and evasion.

Publication Details

Journal
Emerald expert briefings
Published
2024-09-23
DOI
https://doi.org/10.1108/oxan-db289812
Primary Topic
European and International Law Studies
Type
article
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Key US and EU rules differ, raising risks

Emerald expert briefings
European and International Law Studies
article

Key US and EU rules differ, raising risks

article en

Abstract

Significance The United States began collecting beneficial ownership (BO) information this January, having passed the Corporate Transparency Act (CTA) in 2020 as part of the Anti-Money Laundering Act. However, transatlantic symmetry in this area remains elusive. Impacts The lack of connectedness and transparency across BORs and data vendor restrictions will raise compliance costs. Interoperability problems will also impact the efficacy of detecting financial crime in multi-jurisdictional corporate structures. Interoperability problems will similarly impact the detection of sanctions violations and evasion.

Emerald expert briefings
Peace, Justice and strong institutions
European and International Law Studies
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Key US and EU rules differ, raising risks · Emerald expert briefings (2024) | TGRS Research Map | TGRS