- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-18T18:49:00
Nearly three months from the effective date of its beneficial ownership reporting rule, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) released guidance for small businesses to determine whether they must comply and what information they might be required to provide.
The resource, published by FinCEN on Monday, is an effort by the agency to reduce concerns among small businesses regarding the rule, which is set to take effect Jan. 1. Reports have indicated the agency might still make changes to reporting requirements following backlash received in response to its finalized rule put forward in September 2022.
The goal for FinCEN is to make compliance for small businesses “as simple as possible,” said FinCEN Director Andrea Gacki in a press release. Reporting costs and time to submit paperwork are two areas where the agency has projected the potential for significant hurdles.
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Many reporting companies are still unsure whether their organization is required to file beneficial ownership information with the Financial Crimes Enforcement Network or are completely unaware of the new requirements. For those with questions, we have answers.
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