WASHINGTON—The Financial Crimes Enforcement Network has issued afinal rule establishing a beneficial ownership information reporting requirement.
The reporting requires “most corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners—the persons who ultimately own or control the company, to FinCEN.”
The rule, effective Jan. 1, 2024, sets a 30-day deadline for newly created entities to file initial beneficial ownership reports, while requiring existing entities to submit an initial beneficial ownership report within one year of the effective date, CUNA explained.
According to FinCEN, the rule is in accordance with the Corporate Transparency Act (CTA) and Anti-Money Laundering Act (AMLA), which were passed as part of the fiscal year 2021 National Defense Authorization Act.
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