FinCen and Bank Secrecy Updates
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What is FinCEN and how does it apply to my business?
FinCEN is the Financial Crimes Enforcement Network of the U.S. Treasury Department. FinCEN's mission is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence. The Corporate Transparency Act of 2020 obligates each U.S. business to file a beneficial ownership report with FinCEN that identifies the owners of the business.
What is the Corporate Transparency Act?
The Corporate Transparency Act was adopted into law by Congress in 2020. It will dramatically change the way corporations, limited liability companies and limited partnerships are formed. The CTA requires each company to file a beneficial ownership report with FinCEN that discloses the company’s beneficial owners and the individuals who formed the company.