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Certain U.S. small business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. In a recent letter to FinCEN, 44 House Republicans urged the agency to delay the reporting deadline. The letter states that “without a delay in the effective date, millions of America’s smallest business owners will be deemed out of compliance and subject to penalties and fines up to $250,000 and even jail time.” Instituted by the Corporate Transparency Act, the BOI requirement is intended to help prevent criminals from using businesses for illicit activities, such as money laundering and fraud. #SmallBusiness #FinCEN #BOI #Compliance #CorporateTransparencyAct

Certain U.S. small business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. In a recent letter to FinCEN, 44 House Republicans urged the agency to delay the reporting deadline. The letter states that “without a delay in the effective date, millions of America’s smallest business owners will be deemed out of compliance and subject to penalties and fines up to $250,000 and even jail time.” Instituted by the Corporate Transparency Act, the BOI requirement is intended to help prevent criminals from using businesses for illicit activities, such as money laundering and fraud. #SmallBusiness #FinCEN #BOI #Compliance #CorporateTransparencyAct

Officials from the Financial Crimes Enforcement Network (FinCEN) recently defended the rollout of Beneficial Ownership Information (BOI) reporting before a U.S. House committee. To comply with an initiative intended to help prevent and detect money laundering, as many as 32 million companies are expected to file BOI reports. However, some House members and the American Institute of CPAs have questioned the burden on small businesses and advocate a slower rollout of BOI requirements. FinCEN director Andrea Gacki testified that her group isn’t “out to take ‘gotcha’ enforcement actions.” And to help companies, FinCEN has released a Small Entity Compliance Guide: https://bit.ly/3UJhUtW #BOIReporting #FinancialCompliance #MoneyLaundering #SmallBusiness

Officials from the Financial Crimes Enforcement Network (FinCEN) recently defended the rollout of Beneficial Ownership Information (BOI) reporting before a U.S. House committee. To comply with an initiative intended to help prevent and detect money laundering, as many as 32 million companies are expected to file BOI reports. However, some House members and the American Institute of CPAs have questioned the burden on small businesses and advocate a slower rollout of BOI requirements. FinCEN director Andrea Gacki testified that her group isn’t “out to take ‘gotcha’ enforcement actions.” And to help companies, FinCEN has released a Small Entity Compliance Guide: https://bit.ly/3UJhUtW #BOIReporting #FinancialCompliance #MoneyLaundering #SmallBusiness

Officials from the Financial Crimes Enforcement Network (FinCEN) recently defended the rollout of Beneficial Ownership Information (BOI) reporting before a U.S. House committee. To comply with an initiative intended to help prevent and detect money laundering, as many as 32 million companies are expected to file BOI reports. However, some House members and the American Institute of CPAs have questioned the burden on small businesses and advocate a slower rollout of BOI requirements. FinCEN director Andrea Gacki testified that her group isn’t “out to take ‘gotcha’ enforcement actions.” And to help companies, FinCEN has released a Small Entity Compliance Guide: https://bit.ly/3UJhUtW #BOIReporting #FinancialCompliance #MoneyLaundering #SmallBusiness

I just submitted my Beneficial Ownership Information (BOI) Report to the US Dept. of Treasury’s Financial Crimes Enforcement Network (FinCEN) to comply with the 2021 Corporate Transparency Act (CTA) This mandate affects US small businesses associated with an entity (LLC, LP, Corp, etc) and requires you to send certain personal information to the government by stated reporting deadlines Business owners who don’t comply with the CTA can face penalties, including civil penalties of up to $500 per day of violation, or criminal penalties such as jail time or a fine of up to $10,000 #CorporateTransparencyAct #compliance #smallbusiness #LLC

🧠Reminder: ➡️Beginning on January 1, 2024, many small businesses will be required to report their beneficial ownership information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), identifying those who directly or indirectly own or control the company. This reporting helps the U.S. government identify and limit money laundering, corruption, tax evasion, drug trafficking, fraud and other illegal activities. Hear from David King, a senior regulations advisor at FinCEN, about these new requirements, as well as the guidance FinCEN has developed to help small businesses understand what they need to do to comply. Watch the webinar for more: https://lnkd.in/ekaCw5Mg

Regulated companies must ensure they have proper processes in place to minimise the risks of being inadvertently involved in money laundering activity. 💷 As gatekeepers to the financial system in the UK, finance firms such as banks, accountancy practices, bookkeepers and money lenders must uphold this legislation and play their part in preventing and reporting any suspected illegal money laundering pursuits. The same responsibility falls upon other regulated businesses, such as estate and lettings agencies, trust and company service providers, independent legal professionals and more. 🏢 Compliance will protect you from a legal perspective, and help ensure your company is not exploited by criminals to wash their dirty money. Find out more: https://buff.ly/3AOY32F #compliance #dataprotection #dataprivacy

Regulated companies must ensure they have proper processes in place to minimise the risks of being inadvertently involved in money laundering activity. 💷 As gatekeepers to the financial system in the UK, finance firms such as banks, accountancy practices, bookkeepers and money lenders must uphold this legislation and play their part in preventing and reporting any suspected illegal money laundering pursuits. The same responsibility falls upon other regulated businesses, such as estate and lettings agencies, trust and company service providers, independent legal professionals and more. 🏢 Compliance will protect you from a legal perspective, and help ensure your company is not exploited by criminals to wash their dirty money. Find out more: https://buff.ly/3AOY32F #compliance #dataprotection #dataprivacy