Search Results for keywords:"Corporate Transparency Act"

Found 2 results

Search Results: keywords:"Corporate Transparency Act"

💰 Only
Oldest Newest
  • 2025-05199 — Beneficial Ownership Information Reporting Requirement Revision and Deadline Extension
    💰
    Type:Rule
    Citation:90 FR 13688
    Reading Time:about 51 minutes

    The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule to change the reporting requirements for beneficial ownership information under the Corporate Transparency Act. Previously, both domestic and foreign companies had to report information about their owners. Now, domestic companies are exempt from these requirements, and foreign companies are only required to report information about non-U.S. owners. This change is intended to reduce the burden on U.S. businesses, and FinCEN is asking for public comments before finalizing the rule.

    Simple Explanation

    The government has made a new rule that says only companies from other countries need to tell about their owners, but they don't have to tell about their American owners. This rule is meant to make things easier for U.S. companies, and the government wants people to share their thoughts on it.

  • 2024-28451 — Bank Secrecy Act Advisory Group; Solicitation of Application for Membership
    Type:Notice
    Citation:89 FR 96708
    Reading Time:about 4 minutes

    FinCEN, part of the U.S. Treasury, is seeking nominations for new members to join the Bank Secrecy Act Advisory Group (BSAAG) for three-year terms. They are inviting financial institutions, trade groups, and non-federal regulators or law enforcement agencies located in the U.S. These members will provide insights on compliance with laws like the Corporate Transparency Act and other regulations. Interested organizations can submit their nominations by January 6, 2025, and must include specific information about their eligibility and the value they bring to the group.

    Simple Explanation

    FinCEN, like a big helper group for banks, wants new team members to help them keep things safe and fair, and they’re asking banks and other groups to join by sending applications by January 6, 2025. They’re looking for groups in the U.S. who can share smart ideas, but they won’t pick people who sell software.