In its Advance Notice of Public Rulemaking, FinCEN asked for comment on 48 separate questions arising under the Corporate Transparency Act (the "Act"). FinCEN Report Company has recently submitted written comments on the question of the meaning of "substantial control" in the Act. The Act defines the “beneficial owner” of an entity, subject to certain
FinCEN Report Company, the leading provider of filing services for beneficial ownership reports under the Corporate Transparency Act of 2020 (the "CTA"), has filed comments on the new law. FinCEN stands for the "Financial Crimes Enforcement Network," an agency of the U.S. Treasury Department. The CTA requires private companies in the U.S. to file a
FinCEN Issues Advanced Notice of Public Rulemaking on CTA Beneficial Ownership Reporting Requirements
FinCEN Issues Advanced Notice of Public Rulemaking on CTA Beneficial Ownership Reporting Requirements FinCEN - the Financial Crimes Enforcement Network - announced on April 1, 2021 its Advanced Notice of Public Rulemaking on the implementation of the beneficial ownership reporting requirements created by the 2020 Corporate Transparency Act. Comments are due by May 5, 2021.