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Government Relations & Public Policy

FinCEN Publishes New Beneficial Ownership FAQs

April 25, 2024

The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information Frequently Asked Questions (FAQs) to include new questions and updated information about reporting companies, beneficial ownership through trusts and access to beneficial ownership information, among other topics.

New rules under the Corporate Transparency Act (CTA) began requiring many corporations, limited liability companies and other entities to report beneficial ownership and other information to FinCEN on January 1, 2024. The law impacts an estimated 35 million small business owners.

In related news, the House Small Business Committee is holding a hearing on CTA on April 30. The hearing, titled “Under the Microscope: Examining FinCEN’s Implementation of the Corporate Transparency Act,” will include testimony by Carol Roth, a small business advocate. 

ICSC members should continue to seek guidance from legal counsel to determine if they are responsible for complying with the law’s requirements.