In the News: US Corporate Transparency Act; China AI Regulations; and Generali Group Buys Generali China Insurance

January 18, 2024 | BY

Clarence Lee &Krista Lee

Entities doing business in the U.S. must report information about their beneficial ownership to FinCEN; China bans researchers for listing AI-generated content as a co-author of their papers; and Italian Generali conducts first-ever foreign insurance acquisition in China

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US Requires All Entities to Disclose Their Ownership Structures

Effective January 1 of this year, the U.S. government has implemented requirements for both U.S. and non-U.S. entities conducting business in the United States to disclose detailed information about their operations, any beneficial ownership they have, and the individuals and entities that exercise substantial control over them.

Under the U.S. Corporate Transparency Act, such information must be reported to the Financial Crimes Enforcement Network (FinCEN), which is part of the Department of Treasury.

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