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ARTICLE · 14 OCTOBER 2022

FinCEN Issues Final Rule For Beneficial Ownership Reporting

Jones Day
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On September 29, 2022, FinCEN issued a final rule implementing the Corporate Transparency Act's beneficial ownership information reporting provisions.

United StatesCorporate/Commercial Law
Nathan Brownback
Nathan Brownback
Michael R. Fischer
Michael R. Fischer
Tim Hoxie
Tim Hoxie
Henry Klehm III
Henry Klehm III
Lauri W. Sawyer
Lauri W. Sawyer
Jayant W. Tambe
Jayant W. Tambe
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The Financial Crimes Enforcement Network ("FinCEN") issued a final rule requiring certain entities to identify their beneficial owners and those individuals involved in creating or qualifying the entity to do business in the United States.

On September 29, 2022, FinCEN issued a final rule implementing the Corporate Transparency Act's ("CTA") beneficial ownership information reporting provisions. According to FinCEN, these requirements are designed "to crack down on illicit finance and enhance transparency." The final rule is effective January 1, 2024.

The final rule requires certain entities to file reports that identify their beneficial owners and certain individuals creating or qualifying the entity to do business in the United States. Entities subject to the filing requirement are domestic corporations, domestic limited liability companies ("LLCs"), and domestic entities created by filings with a secretary of state or similar office. Filing is also required

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