Regulatory Alerts2021-12-07
Added
Beneficial Ownership Information Reporting Requirements
The Financial Crimes Enforcement Network proposes regulations to implement Section 6403 of the Corporate Transparency Act, requiring domestic and foreign reporting companies to file reports identifying beneficial owners and company applicants. Beneficial owners are defined as individuals exercising substantial control or owning at least 25 percent of ownership interests. Initial reports are due within one year for entities created before the effective date and within 14 calendar days for those created on or after the effective date, with updates required within 30 days of changes and corrections within 14 days of discovering inaccuracies.
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