On November 16, 2023, the Financial Crimes Enforcement Network (FinCEN) released a document titled “Beneficial Ownership Information Reporting: Frequently Asked Questions.” This publication provides insights into FinCEN’s perspective on reporting beneficial ownership information in the United States, without altering the existing law or regulations under the Corporate Transparency Act (CTA). Here are some key points from the document:
1. It clarifies the purpose and definition of beneficial ownership information (BOI), emphasizing its significance in preventing the misuse of companies for illicit activities. The document also specifies the entities that can access this information, including federal, state, local, and tribal officials, certain foreign officials, and financial institutions in specific situations.
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