To help combat financial crimes and promote transparency, the U.S. government is now requiring many businesses to disclose their true (“beneficial”) owners to the Financial Crimes Enforcement Network (FinCEN).
Who Must Report:
- Mostly small, privately-owned entities like corporations and LLCs.
- Excludes publicly traded companies and businesses already under significant regulatory oversight.
Key Definitions:
- Beneficial Owners: Individuals with at least 25% ownership or who exercise significant control over the company.
Reporting Requirements:
- Beneficial owners’ names, birthdates, addresses, and ID numbers.
Exemptions:
- Companies with over 20 employees, $5 million+ in revenue, and a physical U.S. office.
Compliance Deadlines:
- Entities formed before 1/1/2024: File by 1/1/2025.
- Entities formed on or after 1/1/2024: File within 90 days of formation.
- Starting in 2025: Report changes within 30 days.
Registering your business now ensures compliance and contributes to a more transparent business environment. Don’t delay—mark your calendars and meet these important deadlines.
Penalties: Failure to report can lead to fines and imprisonment.
Download the step-by-step instructions and register today!