On September 29th, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the bipartisan Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting provisions. The rule will enhance the ability of FinCEN and other agencies to protect U.S. national security and the U.S. financial system from illicit use and provide essential information to national security, intelligence, and law enforcement agencies; state, local, and Tribal officials; and financial institutions to help prevent drug traffickers, fraudsters, corrupt actors such as oligarchs, and proliferators from laundering or hiding money and other assets in the United States.
The rule describes who must file a BOI report, what information must be reported, and when a report is due. Specifically, the rule requires reporting companies to file reports with FinCEN that identify two categories of individuals: (1) the beneficial owners of the entity; and (2) the company applicants of the entity.
What You’ll Learn
- Who is a reporting company?
- What are the exemptions from reporting?
- Detailed analysis of what is a substantial owner
- Detailed analysis of who is a 25% owner
- Two types of company applicants
- Four pieces of information that have to be provided
- How the FinCEN identifier will be issued
- Timing and the next steps for implementation
Who Should Attend
BSA Officers, BSA Staff, Training, Compliance, Operations.