New Beneficial Ownership Reporting Requirements

Contact: Elearning

Recorded: January 17, 2023

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.