The U.S. Treasury Department said on Sunday it would not enforce an anti-money laundering law that obliges millions of business entities to disclose the identities of their real beneficial owners. The Trump administration has opposed the Biden-era Corporate Transparency Act on the grounds that it is a burden on low-risk entities.

The U.S. Treasury Department announced it will not enforce penalties under the Corporate Transparency Act (CTA) for U.S. citizens and domestic businesses. The Biden-era law, designed to combat money laundering,

The Justice Department and the Financial Crimes Enforcement Network have jointly selected consulting firm Guidepost Solutions as the bank’s monitor.

Money laundering has become a significant threat to the integrity of financial systems. Criminals are constantly devising new methods to disguise the origins of illicit funds, making it essential for businesses and financial institutions to implement robust Anti-Money Laundering (AML) compliance programs.

The Trump administration won't enforce a Treasury Department rule requiring shell companies to disclose their owners and beneficiaries