Beneficial owner reporting rule

      The Treasury Dept.’s Financial Crimes Enforcement Network (FinCEN) issued a final rule requiring beneficial ownership reports from most companies doing business in the United States.

      The rule addresses the dangers of criminal networks and national security threats from anonymous shell companies. It takes effect on Jan. 1, 2024.

      Existing companies, including small businesses, must identify their beneficial owners within a year after the effective date. New companies registering after Jan. 1, 2024 will be required to identify their beneficial owners within 14 days.

      The Corporate Transparency Act imposes strict confidentiality on the information; however it may be disclosed to specific government authorities under specific circumstances approved by Congress.

      A beneficial owner includes any individual who either exercises substantial control over the reporting company; or owns or controls at least 25% of the company.

More information:
Final rule: https://bit.ly/3TcFJa2

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