What Will FinCEN Do With Beneficial Ownership Information Reports?

Описание: What Will FinCEN Do With Beneficial Ownership Information Reports?

The Corporate Transparency Act added a new section, 31 U.S.C. § 5336, to the Bank Secrecy Act to address the broader objectives of beneficial ownership transparency. The section requires certain types of domestic and foreign entities, called “reporting companies,” to submit specified beneficial ownership information (BOI) reports to the Financial Crimes Enforcement Network. FinCen already is the repository for filing various other forms such as Report 112 (Currency Transaction Report), Report 110 (Designation of Exempt Person), Report 111 (Suspicious Activity Report), Report 114 (Report of Foreign Bank and Financial Accounts), and Form 8300 (Report of Cash Payments Over $10,000 Received in a Trade or Business). The stated purpose of these filing requirements is to combat financial crimes such as money laundering or tax fraud. In certain circumstances, FinCEN is authorized to share this BOI with government agencies (including foreign governments), financial institutions, and financial regulators, subject to certain protocols.

#kimandrosadollp #taxlawyer #taxes #beneficialownershipinformation #boi