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The Corporate Transparency Act of 2021 gave The Financial Crimes Enforcement Network authority to create a database of business “beneficial” ownership information.
The Corporate Transparency Act of 2021 gave The Financial Crimes Enforcement Network (FinCin), a division of the Department of Treasury, the authority to create a database of business “beneficial” ownership information, as a means to identify individual owners of privately held assets.
"Starting January 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them." Beneficial Ownership Information Reporting | FinCEN.gov
- Alert: FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.
- The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code.
- Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests.
- Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.
- FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements | FinCEN.gov
- Dec 13, 2023, 02:00 PM Eastern Time
- Update: Due to high demand, registration for Wednesday’s beneficial ownership webinar has closed. Information will be forthcoming on additional webinars, which will take place in the coming weeks.
An Introduction to Beneficial Ownership Information Reporting
Small Entity Compliance Guide | FinCEN.gov
The Reporting Rule, issued on September 30, 2022, implements Section 6403 of the Corporate
Transparency Act. The rule describes who must file BOI reports, what information they must
provide, and when they must file the reports.
Why do companies have to report beneficial ownership information to the U.S. Department of the Treasury?
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new 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. [Issued September 18, 2023]
FinCEN will permit ... beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement...to:
- Federal, State, local, and Tribal officials,
- as well as certain foreign officials who submit a request through a U.S. Federal government agency
- Financial institutions will also have access to beneficial ownership information
- in certain circumstances, with the consent of the reporting company
- Those financial institutions’ regulators will also have access to beneficial ownership information when they supervise the financial institutions.
Beneficial Ownership Information Reporting | FinCEN.gov
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.
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