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FinCEN, a bureau of the U.S. Department of the Treasury, enforces regulations and collects and analyzes financial intelligence to fight financial crimes like money laundering and terrorism financing.

Beneficial ownership refers to individuals who ultimately own or control a legal entity. Reporting beneficial ownership is crucial for increasing financial system transparency and preventing illicit activities.

FinCEN's 2021 guidelines require financial institutions to identify and verify the beneficial owners of legal entities when a new account is opened and conduct ongoing account monitoring.

Financial institutions may face challenges in data collection and verification, employee training and education, and ongoing monitoring to ensure beneficial ownership information remains accurate.

Beneficial ownership reporting affects industries differently. For instance, it's particularly important in the real estate industry, where shell companies are often used to conceal property ownership.

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