Davis Polk partner Dan Stipano discussed FinCEN’s beneficial ownership rule and the impact it may have on businesses with Thomson Reuters Regulatory Intelligence. The reporting rule will take effect on January 1, 2024, and will require certain companies to report beneficial owner and other information to FinCEN for inclusion in a national registry. Lawmakers have raised concerns that businesses will likely need additional guidance to address questions about the rule’s requirements.

“Compliance with the rule is going to be a heavy lift for many small businesses, and the rule itself is complex,” Dan said. “Guidance from FinCEN would be helpful to the businesses that are impacted by the rule.”

“U.S. House Republicans ask Treasury to share plans to educate businesses affected by ‘beneficial ownership’ reporting rule,” Thomson Reuters Regulatory Intelligence (June 13, 2023) (subscription required)

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