WASHINGTON –With the new year, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports.
As CUToday.info has reported, the Corporate Transparency Act, enacted in 2021, aims to curb illicit finance and requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.
The Deadlines
Companies that are required to comply must file their initial reports by the following deadlines:
- Existing companies. Reporting companies created or registered to do business in the United States before Jan. 1, 2024 must file by Jan. 1, 2025.
- Newly created or registered companies. Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.
Additional Info
Treasury reminded that beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.
Generally, reporting companies must provide four pieces of information about each beneficial owner:
- Name
- Date of birth
- Address
- The identifying number and issuer from either a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a state (including a U.S. territory or possession), local government, or Indian tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted.
For more information: www.fincen.gov/boi.
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