The Treasury Department’s Financial Crimes Enforcement Network is hoping to lift the veil on the use of anonymous companies for financial transactions by forcing financial firms to disclose and verify the identities of the actual people, or “beneficial owners,” behind the transactions.

FinCEN issued a Notice of Proposed Rulemaking on Wednesday to amend the existing regulations under the Bank Secrecy Act to help prevent the use of anonymous companies to engage in or launder the proceeds of illegal activity in the U.S. financial sector. 

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