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ARTICLE · 02 JANUARY 2024

New Reporting Requirements For Irish Multinationals With U.S. Affiliates

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From 1 January 2024, Irish companies that have an entity registered to do business in the US will need to report beneficial ownership details to the Financial Crimes Enforcement Network of the U.S.

IrelandCorporate/Commercial Law
Barbara Kenny
Barbara Kenny
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From 1 January 2024, Irish companies that have an entity registered to do business in the US will need to report beneficial ownership details to the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN).

This requirement was introduced under the U.S. Corporate Transparency Act 2020 (the Act). The Act was introduced to combat money laundering, tax fraud and other illicit activity. A reporting company includes a corporation, limited liability partnership, or other entity formed under the law of a foreign jurisdiction that is registered to do business in a U.S. state as a result of the filing of a document with the secretary of state or a similar office. However, certain entities are exempt from the reporting requirements, including publicly traded companies, banks, credit unions, money services businesses, investment companies or investment advisers, venture capital fund advisers and insurance companies.

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