U.S. Department of the Treasury Financial Crimes Enforcement NetworkBeneficial Ownership Reporting
U.S. Department of the Treasury Financial Crimes Enforcement NetworkBeneficial Ownership Information Reporting
In 2021, Congress enacted the Corporate Transparency Act. This law
creates a beneficial ownership information reporting requirement as part
of the U.S. government’s efforts to make it harder for bad actors to hide or
benefit from their ill-gotten gains through shell companies or other opaque
ownership structures.
creates a beneficial ownership information reporting requirement as part
of the U.S. government’s efforts to make it harder for bad actors to hide or
benefit from their ill-gotten gains through shell companies or other opaque
ownership structures.
Beginning on January 1, 2024, many companies in the United States
will have to report information about their beneficial owners, i.e., the
individuals who ultimately own or control the company. They will have
to report the information to the Financial Crimes Enforcement Network
(FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
will have to report information about their beneficial owners, i.e., the
individuals who ultimately own or control the company. They will have
to report the information to the Financial Crimes Enforcement Network
(FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
To learn more, check out the links below.