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🔍 Important Update: Beneficial Ownership Information Requirements 🔍 Starting January 1, 2024, the Corporate Transparency Act (CTA) introduces new reporting obligations for many entities, including small businesses. Here’s what you need to know as per fincen.gov Reporting to #FinCEN: Entities must report information about their beneficial owners—individuals who ultimately own or control them—to the Financial Crimes Enforcement Network (FinCEN). This step is crucial for combating money laundering and illicit activities involving shell companies. Dual Reporting: You might need to provide beneficial ownership information both to FinCEN and financial institutions. However, they collect this information for different purposes and may require different details. For instance, financial institutions might collect Social Security numbers, which FinCEN does not require. *Key Deadlines:* Pre-January 1, 2024 Entities: Report by January 1, 2025. 2024 Entities: Report within 90 days of registration. Post-January 1, 2025 Entities: Report within 30 days of registration. Updates and Corrections: Any changes to previously submitted information must be reported to FinCEN within 30 days. For more details, visit FinCEN’s Beneficial Ownership Information page. Stay ahead of the curve and ensure your compliance with these new requirements! #Compliance #CorporateTransparencyAct #BeneficialOwnership #FinCEN #RegulatoryUpdate

Business Owners - are you staying compliant with FinCEN's Beneficial Ownership Information (BOI) reporting requirements? What is FinCEN BOI Reporting? It is a regulation by the Financial Crimes Enforcement Network which requires certain businesses to report information about their beneficial owners (the individuals who own or control the business). The goal is to promote transparency and prevent money laundering, terrorist financing, etc. Who Must File? Corporations, LLCs, and similar entities created or registered in the USA. Large operating companies and regulated entities may be exempt. What are the consequences for non-compliance? Failing to comply can result it penalties, legal action, and jail time. If you have any questions or need guidance, I am available to help you navigate these requirements or please contact your tax accountant or legal counsel. https://lnkd.in/g5gGvtup

Calling all companies! 📢 FinCEN's newest instructions are available to assist you in submitting beneficial ownership information (BOI) accurately to both FinCEN and your financial institutions. Ensure you're up-to-date and adhering to regulations! https://gag.gl/0bQ6Tu? #beneficialownership #cta #corporatetransparencyact #compliance

The Financial Crimes Enforcement Network (FinCEN) has issued a notice regarding the reporting of beneficial ownership information by customers of financial institutions. Under the Corporate Transparency Act, certain entities, including many small businesses, are required to submit information about their ultimate owners or controllers to FinCEN. Additionally, many financial institutions must collect beneficial ownership details from certain customers who seek to open accounts, in compliance with Federal customer due diligence regulations. This notice answers key questions about: Reporting beneficial ownership information to FinCEN under the Corporate Transparency Act. More details can be found here: https://www.fincen.gov/boi Providing beneficial ownership information to financial institutions in line with Federal customer due diligence requirements. FinCEN encourages financial institutions to share this reference guide with customers who may need to report beneficial ownership information. #FinCEN #CorporateTransparencyAct #FinancialInstitutions #Compliance #BeneficialOwnership

Attention businesses! 📢 The latest guidance from FinCEN is here to help you navigate reporting beneficial ownership information (BOI) to both FinCEN and financial institutions. Stay informed and compliant! https://ow.ly/RKwX50SUGtG #beneficialownership #cta #corporatetransparencyact #compliance

Calling all companies! 📢 FinCEN has released new guidelines to assist you in reporting beneficial ownership information (BOI) accurately to both FinCEN and your financial institutions. Ensure you're up-to-date and adhering to regulations! <https://gag.gl/t3Mns9?> #beneficialownership #cta #corporatetransparencyact #compliance

Heads up, companies! 📢 FinCEN has just released new guidelines to assist you in reporting beneficial ownership information (BOI) accurately to both FinCEN and your financial institutions. Ensure you're up-to-date and following regulations! https://gag.gl/PWwaiD? #beneficialownership #cta #corporatetransparencyact #compliance

**Reminder: Upcoming Deadline for Beneficial Ownership Reporting to FinCEN** The deadline for reporting beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) is January 1, 2025, for entities existing before January 1, 2024. This applies to many LLCs and other business entities. Learn more at: https://lnkd.in/g4TdqZV3 Stay compliant, stay informed! #CorporateTransparencyAct #FinCEN #Compliance #BeneficialOwnership

🚨 Attention entity owners! If you want to avoid hefty fines from FinCEN, here are the six criteria your unused entity must meet: 1️⃣ Existing before Jan 1, 2020 ✅ 2️⃣ Not conducting active business 🛑 3️⃣ No foreign ownership 🌍 4️⃣ No change in ownership in the last 12 months ↔️ 5️⃣ Transactions under $1,000 in the past year 💰 6️⃣ No assets, interests, or holdings anywhere 🚫 Make sure your entity ticks all these boxes to stay clear of financial headaches! #Compliance #FinCEN #EntityManagement https://lnkd.in/dyC486uv

🚨 Attention entity owners! If you want to avoid hefty fines from FinCEN, here are the six criteria your unused entity must meet: 1️⃣ Existing before Jan 1, 2020 ✅ 2️⃣ Not conducting active business 🛑 3️⃣ No foreign ownership 🌍 4️⃣ No change in ownership in the last 12 months ↔️ 5️⃣ Transactions under $1,000 in the past year 💰 6️⃣ No assets, interests, or holdings anywhere 🚫 Make sure your entity ticks all these boxes to stay clear of financial headaches! #Compliance #FinCEN #EntityManagement https://lnkd.in/dyC486uv