Starting January 1, 2024, numerous U.S. companies will be required to disclose their beneficial owners — those who ultimately own or control the company — to the Financial Crimes Enforcement Network (FinCEN). To aid small businesses with this new mandate, the Department of the Treasury’s FinCEN has released a comprehensive guide.
FinCEN Director Andrea Gacki emphasized the importance of this resource in a statement dated September 18, 2023, saying, “This guide continues our commitment to educating the public on these critical new reporting requirements.”
It’s noted that from 2024 onwards, a wide range of entities, whether formed in the U.S. or registered to operate within it, must submit details about their beneficial owners to FinCEN. Additional guidance from the agency on how to file this information is expected to be provided shortly.
