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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

Under the Corporate Transparency Act (CTA), many small business owners in the United States are required to file beneficial ownership information reports (BOIR) by January 1, 2025. Failure to submit the new paperwork by the deadline puts small business owners at risk of criminal penalties, imprisonment, and fines up to $10,000. The CTA was enacted in 2021 to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. Under the CTA, which went into effect on January 1 of this year, businesses must provide their legal name and trademarks, as well as their current U.S. address. They’ll also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered. To learn more, please visit https://lnkd.in/gth6fupf

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

Under the Corporate Transparency Act (CTA), many small business owners in the United States are required to file beneficial ownership information reports (BOIR) by January 1, 2025. Failure to submit the new paperwork by the deadline puts small business owners at risk of criminal penalties, imprisonment, and fines up to $10,000. The CTA was enacted in 2021 to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. Under the CTA, which went into effect on January 1 of this year, businesses must provide their legal name and trademarks, as well as their current U.S. address. They’ll also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered. For more information, visit https://lnkd.in/gfTaE2x3

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

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