Industry News
Important Information Regarding a FinCEN Ruling that May Affect Your Business
Registration of Beneficial Owners
In an effort to enhance transparency and combat financial fraud, the Financial Crimes Enforcement Network (FinCEN) has implemented a new regulation requiring businesses to disclose information about their beneficial owners. Beneficial owners are individuals who directly or indirectly control or own a significant interest in a legally registered business.
Registration Deadlines for Current and New Businesses
We encourage you to visit the FinCEN website at https://www.fincen.gov/boi to assist you in complying with this requirement.
Be Vigilant of Fraud Attempts
FinCEN has been notified of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements.
In an effort to enhance transparency and combat financial fraud, the Financial Crimes Enforcement Network (FinCEN) has implemented a new regulation requiring businesses to disclose information about their beneficial owners. Beneficial owners are individuals who directly or indirectly control or own a significant interest in a legally registered business.
Registration Deadlines for Current and New Businesses
- The deadline for a business created or registered prior to January 1, 2024, is January 1, 2025.
- The deadline for new businesses created on or after January 1, 2024, is 90 calendar days after the company’s creation.
We encourage you to visit the FinCEN website at https://www.fincen.gov/boi to assist you in complying with this requirement.
Be Vigilant of Fraud Attempts
FinCEN has been notified of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements.
- Fraudsters may send communications asking the recipient to click on a fraudulent URL or scan a QR code.
- FinCEN will not send unsolicited requests.
- Please do not respond to fraudulent messages, click on any links, or scan any QR codes.