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FinCEN Beneficial Ownership Reporting

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$7.97

Learn about the new reporting requirements under the Corporate Transparency Act (CTA) with our guide on FinCEN Beneficial Ownership Reporting. This resource details the obligations for reporting companies to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). It covers definitions, exemptions, and penalties for non-compliance, helping businesses understand their responsibilities and avoid severe penalties.

 

Highlights:

 

• Reporting Requirements: Overview of the CTA’s mandate for domestic and foreign companies to report beneficial ownership information.

• Exemptions: Details on the 23 types of entities exempt from reporting, including large operating companies and inactive businesses.

• Beneficial Owner Definition: Criteria for identifying beneficial owners, focusing on substantial control and ownership interest.

• Reporting Timeline: Key deadlines for initial reporting and updates for companies formed or registered before and after January 1, 2024.

• Penalties for Non-Compliance: Information on civil and criminal penalties for willful violations of the reporting requirements.

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