Beneficial Ownership Information - New Reporting Requirements
The Department of Treasury is requiring Beneficial Ownership Information reports to be filed beginning January 1, 2024. This requirement is born out of the Corporate Transparency Act of 2021 to bulwark against financial crimes.
We advise every statutory entity evaluate its compliance requirements with respect to this Act and related rules to avoid potential criminal and civil penalties for violations can be up to $500 per day not filed and/or $10,000 and two years imprisonment.