fincen is cracking down on LLCs' actual owners and addresses

if you’ve set up your biz using a PO Box, virtual office, or an accountant just to keep it under wraps... heads up, starting January 2024, the Fed requires you to give actual info about the business owner. so you gotta provide real names of the owners and their home addresses.

Good! Things are changing for better. Many of these LLCs are formed by foreigners residing in a different country. It was really hilarious that American government used to grant company registrations without actually knowing the owner. This is a huge risk and these companies can be easily used for laundering money. I have seen multiple companies in my country claimed they have a US subsidiary registered under LLC structure without actually providing a complete address in their website. It's good to see that the US government is finally taking steps to fix this corporate loop hole.

Do I understand correctly that if an American company has a founder of an offshore company from Cyprus, and a company from Cyprus has a founder of an offshore company from Malta, and a company from Malta has a founder of a company from the Bahamas, then it is now necessary to transfer information to FinCEN about the entire chain of founders?