The Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Reporting rule is a regulatory measure designed to combat financial crimes such as money laundering, terrorist financing, and tax evasion. Under this rule, certain U.S. companies are required to disclose information about their beneficial owners—individuals who directly or indirectly control or own 25% or more of the company. This information, which includes names, addresses, dates of birth, and identifying documents, is reported to FinCEN, helping federal agencies trace financial activities to the actual individuals behind business entities. Effective from January 1, 2024, the rule aims to increase transparency in corporate structures, making it harder for illicit actors to hide behind anonymous entities and enhancing the ability of law enforcement agencies to investigate financial misconduct.

Friedel Law Group now offers this type of reporting as a service. If you are interested, contact us today!