FINCEN Beneficial Ownership Reporting Mandated As of January 2024
US Treasury Financial Crimes Enforcement Network (FINCEN) Mandates Beneficial Ownership Reporting
Beginning on January 1, 2024, many companies will have to report information regarding their beneficial owners to the US Treasury Financial Crimes Enforcement Network (FINCEN). Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. The companies affected are any company that is registered with the Secretary of State, so includes LLCs and many other small business entities. Any company that is in business as of January 1, 2024 will have until January 1, 2025 to complete this filing. There are exemptions to filing but most are for larger companies, the FINCEN is looking for tools to make it harder for bad actors to hide or benefit from financial crimes through business ownership. Ill-gotten gains through shell companies or other opaque ownership structures are examples. You can find out more about it at www.fincen.gov/boi.
Posted to Chamber Page on 1/12/2024