As we all know that the principal reason for FinCEN reporting is to ensure transparency and accountability, and FinCen reporting requirements applies to a wide range of financial institutions.
Financial Crimes Enforcement Network, otherwise known as “FinCEN” plays a significant role when it comes to safeguarding the U.S. financial system from unlawful activities. The US Treasury has established a new Beneficial Ownership Report under the Corporate Transparency Act for businesses. The purpose of this report is to help prevent financial crimes such as money laundering, human trafficking and shell companies. This new rule also helps minimize the burden placed on small businesses and other reporting organizations. This training will provide a comprehensive outline of the BOIR reporting rule, what must be included in the report, and the specific categories of owners.
