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Navigating the New FinCEN Requirements for U.S. Corporations and LLCs

Check out the new filing rules for business entities...

A new report establishing ownership and beneficiaries of U.S. corporations and LLCs will be required to be filed in 2024 Financial Crimes Enforcement Network (FinCEN–an arm of the U.S. Treasury created to fight money laundering).

Business entities that were created by filing with a U.S. state’s Secretary of State before January 1, 2024, will have until December 31, 2024, to file with FinCEN. Businesses created on or after January 1, 2024, will have to file as they are created with their state’s Secretary of State.

FinCEN stated that among those required to file are:

“Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.”

Information regarding this requirement is available from FinCEN here:

The mission of FinCEN is “to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence”, according to the agency’s website.

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