FinCEN Advises Financial Industry on Potential Risks of Shell Companies

FinCEN Advises Financial Industry on Potential Risks of Shell Companies " The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to U.S. financial institutions on identifying, assessing and managing the potential risks associated with accounts maintained for shell companies. Today's advisory is being released along with an assessment that shows that shell companies can be exploited by money launderers and other perpetrators of financial crime because of the lack of transparency in the formation process and the inability to identify beneficial owners."