Business•JAN 1, 2024
FinCEN's New Business Ownership Reporting Requirements Begin January 2024
As part of the U.S. Department of the Treasury’s efforts to combat illicit activities, the Financial Crimes Enforcement Network (FinCEN) has introduced new regulations under the Corporate Transparency Act. Effective January 1, 2024, these regulations require many U.S.-based companies to disclose their beneficial ownership information (BOI). The primary goal of this rule is to increase transparency in corporate ownership and improve efforts to detect money laundering, tax evasion, and other financial crimes.
