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ARTICLE · 04 OCTOBER 2022

FinCEN Issues New Rule For Beneficial Ownership Reporting

Hughes Hubbard & Reed LLP
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The Rule describes who must file a BOI report, what information must be reported, and when a report is due.

United StatesGovernment, Public Sector
Ryan Fayhee
Ryan Fayhee
Tyler Grove
Tyler Grove
John Hannon
John Hannon
Anna Hamati
Anna Hamati
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September 30, 2022 – On September 29, 2022, the U.S. Department of the Treasury's ("Treasury") Financial Crimes Enforcement Network ("FinCEN") issued a final rule (the "Rule") establishing a beneficial ownership information ("BOI") reporting requirement for certain legal entities created or registered to do business in the United States. The Rule will require most such entities to report BOI (i.e., information about persons who ultimately own or control the entity) to FinCEN. According to FinCEN, the Rule is intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on entities doing business in the United States.

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