FinCEN Establishes Beneficial Ownership Reporting Requirements to Implement Corporate Transparency Act

October 2022

The US Treasury’s Financial Crimes Enforcement Network (FinCEN) published on September 30, in the Federal Register, a final rule establishing beneficial ownership information reporting requirements pursuant to the Corporate Transparency Act. The Final Rule requires most entities created or registered to do business in the United States to file beneficial ownership information reports with FinCEN that identify two categories of individuals: (1) the beneficial owners of the entity and (2) the company applicants of the entity.