<html><body><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">The ABA BLS did a program on this Act several weeks ago. The main takeaways were:<br></div><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">
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<div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">1. The main disclosure requirement for existing companies kicks in two years after the Treasury Dept regs are promulgated. For new companies, it's upon formation post-regs.</div><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">2. "Larger" companies are exempt.</div>
<div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">2. It's not clear whether an attorney acting as organizer strictly in their capacity as attorney for the entity will have to report.</div><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">3. There are fairly rigorous protections designed to limit access to the information disclosed, i.e. only federal intel and law enforcement agencies.</div><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">4. Secretaries of State and similar state bodies will have to make the information available to the applicable federal agencies.</div><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">5. Most of the beneficial ownership information is already required under the Bank Secrecy Act when a bank account is opened.</div><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">6. A lot of things are unclear until the Regs come out.</div><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; "><br></div><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">Bob Pampell</div><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; "><br>
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<div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; "><span id="OutlookSignature"><div dir="auto" style="direction: ltr; margin: 0; padding: 0; font-family: sans-serif; font-size: 11pt; color: black; ">Get <a href="https://aka.ms/AAb9ysg">Outlook for Android</a></div>
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