Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN).

 Which businesses does this affect?

 What is the cost of noncompliance (i.e. what fines or penalties might occur for failure to file)? Have you heard of this requirement? If so, where?

Answer rating: 100% (QA)

This new requirement affects various businesses in the United States specifically those subject to a... View the full answer