On December 8, 2021, FinCen published a notice of proposed rulemaking in the Federal Register on Beneficial Ownership. FinCEN is promulgating proposed regulations to require certain entities to file reports with FinCEN that identify two categories of individuals: the beneficial owners of the entity, and individuals who have filed an application with specified governmental authorities to form the entity or register it to do business. The proposed regulations would implement Section 6403 of the Corporate Transparency Act (CTA) and describe who must file a report, what information must be provided, and when a report is due. The rulemaking is intended to help prevent and combat money laundering, terrorist financing, tax fraud, and other illicit activity. Once finalized, these proposed regulations will affect a large number of entities doing business in the United States.
Comments are due on February 7, 2022.
Read the notice at Regulations.gov.
Comments may be submitted by any of the following methods:
• Federal E-rulemaking Portal: https://www.regulations.gov. Follow the instructions for submitting comments. Refer to Docket Number FINCEN-2021-0005 and RIN 1506-AB49.
• Mail: Policy Division, Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-2021-0005 and RIN 1506-AB49.
Advocacy contact: Jennifer A. Smith at Jennifer.Smith@sba.gov.
Comments are closed.