Important Update: New Reporting Requirements

The Financial Crimes Enforcement Network (FinCEN) has recently introduced new requirements related to Beneficial Ownership Information Reporting. These changes aim to enhance transparency and combat financial crime by ensuring accurate and up-to-date information on the beneficial owners of legal entities.

Beneficial owners are individuals who directly or indirectly own or control 25% or more of the equity interests of the legal entity or exercise substantial control over the entity.

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report.

A reporting company created or registered on or after January 1, 2024, will have 30 days to file its initial beneficial ownership information report. This 30-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

We are committed to supporting you in meeting these regulatory obligations. We are waiting for further instructions from FinCEN to facilitate the collection and submission of the required Beneficial Ownership Information.