Small-business owners doing their best to comply with beneficial ownership requirements should not lose sleep over the new reporting requirements, Financial Crimes Enforcement Network Deputy Director Jimmy Kirby said.
FinCEN says it will only enforce willful beneficial ownership violations
August 16, 2024 / By ICBA
Small-business owners doing their best to comply with beneficial ownership requirements should not lose sleep over the new reporting requirements, Financial Crimes Enforcement Network Deputy Director Jimmy Kirby said.
Small-business owners doing their best to comply with beneficial ownership requirements should not lose sleep over the new reporting requirements, Financial Crimes Enforcement Network Deputy Director Jimmy Kirby said.
Background: The Corporate Transparency Act requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately own or control them.
Details: Speaking in Houston, Kirby said FinCEN only plans to enforce willful violations of the law, though he noted some small-business owners have asked why these reporting requirements apply to many small businesses.
ICBA View: ICBA has repeatedly called on FinCEN to withdraw its requirement that banks collect beneficial ownership information now that the agency is required to collect this information directly from reporting companies.
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