The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced, on 8 August 2024, the launch of a public service announcement (PSA) campaign as part of its ongoing efforts to educate the small business community about new beneficial ownership reporting requirements.
To directly reach business owners, educate stakeholders about these reporting requirements, and encourage compliance, television and radio PSAs are now running nationwide in tandem with digital and print ads.
Under the bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, many companies are required to report basic information to FinCEN about the individuals who ultimately own or control them. Filing is simple, secure, and free of charge. The filing deadline for most companies that are required to report is 1 January, 2025.
As part of this initiative, Treasury and FinCEN officials have participated in more than 130 in-person and virtual engagements this year to educate business owners and other stakeholders about beneficial ownership reporting. Additional ongoing efforts include intergovernmental partnerships such as with the IRS and Small Business Administration, collaborations with Secretaries of State and members of Congress, and engagement with industry groups.
Since opening the database for filings on 1 January, 2024, FinCEN has received millions of Beneficial Ownership Information Reports, including from companies in all 50 US states.
