Preparing for Major Changes in FinCEN Beneficial Ownership Reporting
Jones Day – An estimated 32.6 million domestic and foreign companies will soon be required to report information about their beneficial owners to the U.S. Treasury.
The reporting requirements take effect January 1, 2024. All non-exempt domestic reporting companies created on or after that date will have 30 days from notification of their formation to file an initial beneficial ownership report with the U.S. Treasury Department’s Financial Crimes Enforcement Network. Foreign reporting companies formed on or after that date will have 30 days from their initial qualification to do business in a U.S. jurisdiction to file. Domestic or foreign reporting companies in existence prior to then will have until January 1, 2025, to file an initial beneficial ownership report.
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