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  • Writer's pictureJamilah Lawry

New Reporting Requirements from FinCEN: What You Need to Know

Updated: May 17

We at My Biz Consulting are committed to keeping you informed and compliant with the latest regulatory changes that could impact your business operations. We have an important update regarding new reporting obligations from the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.


What's Changing?

As of January 1, 2024, FinCEN mandates that most legal entities, whether domestic or foreign, report their Beneficial Ownership Information (BOI). This requirement is part of a broader effort to enhance transparency and combat illicit financial activities.


How Will This Impact Your Business?

  1. Existing Entities: If you operate an LLC, Corporation, or other business entities established before January 1, 2024, you must file a BOI report by January 1, 2025.

  2. New Entities: Entities formed on or after January 1, 2024, need to file a BOI report within 30 calendar days of their registration or formation with the Secretary of State's office.

  3. Exemptions: The Reporting Rule excludes twenty-three (23) specific types of entities and certain large corporations. Details of these exemptions are outlined in the Small Entity Compliance Guide provided by FinCEN.


Penalties for Non-Compliance:

It's crucial to adhere to these requirements. Willful non-compliance or unauthorized disclosures can lead to severe penalties, including a civil penalty of $500 for each day the violation continues.


How My Biz Consulting Can Help:

We understand that navigating new regulations can be challenging. Starting January 1, 2024, My Biz Consulting LLC is here to facilitate this filing requirement on behalf of your entity. We'll ensure that your business remains compliant and up-to-date with all necessary filings.


Stay Vigilant:

Please note that FinCEN will not send unsolicited requests for information. If you receive any communication claiming to be from FinCEN that asks for information, do not respond, click on links, or scan QR codes. These could be fraudulent attempts to access your information.


Looking Ahead:

FinCEN is expected to continue updating its guidelines, and we promise to keep you apprised of all developments. Your business's compliance and security are our top priorities.

We appreciate your trust in My Biz Consulting and are here to support you through these changes. If you have any questions or need further assistance, please don't hesitate to contact us.



Sincerely,

The Team at My Biz Consulting LLC

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