Growing Clarity: FinCEN Continues to Update Beneficial Ownership Reporting FAQs
On April 18, 2024, the Financial Crimes Enforcement Network (FinCEN) released further guidance regarding to Corporate Transparency Act compliance (CTA) by updating and expanding the Beneficial Ownership Information Reporting Frequently Asked Questions regarding the Beneficial Ownership Information (BOI) Reporting Rule (FAQs). Importantly, the updates provide insight on BO access by foreign governments, law enforcement and financial institutes. 1. Understanding Beneficial Ownership Reporting A beneficial owner is an individual who either…