New Rule Proposed by FinCEN Impacts Business Owners
Are you prepared to send your full name, home address, birthdate and government issued ID to the Financial Crimes Enforcement Network (“FinCEN”), a division of the US Treasury Department? Bailey Cavalieri’s Kimberly Land and Jamie Ryan recently published an article that breaks down a new rule proposed by FinCEN that would require just that.
NOTICE OF PROPOSED RULEMAKING: BENEFICIAL OWNERSHIP INFORMATION REPORTING
On December 8, 2021, the Financial Crime Enforcement Network (“FinCEN”), a division of the United States Treasury Department, issued a Notice of Proposed Rulemaking for new provisions (“New Rule”) under the Corporate Transparency Act. If passed, this New Rule would require corporations, limited liability companies, partnerships and other entities created by filing a document with a Secretary of State (“Reporting Companies”) to file a Beneficial Ownership Information Report (“BOIR”) with FinCEN.