U.S. Companies Exempt from Certain Reporting Requirements

What happened: A rule requiring many small and mid-sized businesses to report identifying information about the company and its beneficial owners to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) no longer applies to U.S.-created companies.

Why it matters: The original rule, designed to combat international money laundering and other financial crimes, would have required businesses, including ARTBA members, to report identifying information such as names, birth dates, personal addresses and personal identification documents to FinCEN.

These requirements now generally apply only to certain foreign entities registered to do business in the U.S.

What’s next: The final rule took effect Aug. 14. ARTBA will continue monitoring implementation of the Corporate Transparency Act and any legal or legislative developments affecting beneficial ownership reporting requirements.