A Quick Guide to Understanding the New Compliance Requirement Under the Corporate Transparency Act.

Starting in 2024, many companies doing business in the United States will have to file a beneficial ownership information (BOl) report with the Financial Crimes Enforcement Network (FinCEN), an agency under the U.S. Treasury Department. The BOl report is designed to collect information about the individuals who own or control companies operating in the U.S.

We’ve created this fact sheet to:

• Help you determine if you’re required to file a BOl report.
• Inform you of the information requested in a BOl report.
• Share the reporting deadlines so that you can get this important compliance responsibility on your calendar.
• Direct you to resources to help you understand your responsibilities and file a BOl report.