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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

FinCEN (Financial Crimes Enforcement Network) has implemented significant changes regarding beneficial owners. These changes aim to prevent individuals from hiding behind complex entity structures to commit crimes. 🗓️ Reporting Deadlines: Entities established before January 1, 2024, must report by January 1, 2025. New entities established on or after January 1, 2024, have 90 days to report. Starting January 1, 2025, all entities must report within 30 days of establishment. 💸 Penalties: Failure to report results in a $500/day penalty, adjusted for inflation (currently $591/day). #Compliance #FinCEN #BeneficialOwnership #AssetProtection #RealEstateInvesting #MilwaukeeWisconsin

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

🧠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

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

The US Corporate Transparency Act was primarily introduced to help tackle illicit activities by increasing transparency of company ownership structures. By requiring companies to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), the Act aims to prevent misuse of corporations and limited liability companies for criminal gain - preventing money laundering, fraud, financing of terrorism, and so on. In September 2022, FinCEN finalized a rule introducing a reporting obligation for beneficial ownership information (BOI) under the CTA. Now, many business entities are obligated to start disclosing their ownership and control data, with FinCEN accepting reports on January 1 this year. But what is beneficial ownership information according to FinCEN, and why is it important? Read it now at https://lnkd.in/gxDqKbxv. #MTA #CorporateTransparencyAct #inCEN

FinCEN's Year in Review for FY 2023 is available and includes stats on BSA reporting and its use by law enforcement, demonstrating how FinCEN analyzes this data for alerts, trends, and regulatory actions, in line with the Anti-Money Laundering Act of 2020. https://lnkd.in/gut67NP3