Should you INCREASE your USA RISK RATING in your BRA/CRA NOW!!!
04/03/2025
The recent decision by the US Treasury Department to roll back the Corporate Transparency Act has significantly reduced the number of reporting companies in the Beneficial Ownership Information database from approximately 36 million to just 70,000.
This drastic change raises important questions about the transparency and accountability of corporate ownership in the United States.
If this rollback remains in effect, the Financial Action Task Force (FATF) will likely need to reassess its “Largely Compliant” rating for the US under Recommendation 24, which pertains to the transparency and beneficial ownership of legal persons. Historically, the FATF has rated the US as “non-compliant” in 1996, 2006, and 2016 before upgrading its rating to “Largely Compliant.”
Given these developments, it is crucial for businesses and financial institutions to reconsider their risk assessments related to the US. The reduction in transparency could potentially increase the risk of money laundering and other financial crimes, making it imperative to heighten your USA risk rating in your Business Risk Assessment (BRA) and Customer Risk Assessment (CRA).
SOURCE
https://www.accountingtoday.com/news/treasury-suspends-corporate-transparency-act-enforcement
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.