PHILADELPHIA—Today, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki participated in a beneficial ownership reporting outreach event in the Philadelphia, Pennsylvania area, held in partnership with Rep. Mary Gay Scanlon (D-PA). During the event, FinCEN officials met with small business owners and other stakeholders about the Corporate Transparency Act—a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts. The law requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them. Today’s event was the latest in a series of events held by senior Treasury officials, in partnership with Members of Congress, to help small businesses fulfill their reporting requirements.
Filing is quick, secure, and free of charge. FinCEN expects that most companies will be able to file without the help of an attorney or accountant, and that the filing process for those with simple ownership structures may take 20 minutes or less. Moreover, filing is a one-time requirement, unless a company needs to later update or correct its beneficial ownership information. Companies that existed before 2024 have until January 1, 2025 to file, while companies created or registered in 2024 must file within 90 days of receiving creation/registration notice. More information, along with FinCEN’s E-Filing System, is available at https://www.fincen.gov/boi.
Prepared Remarks: https://www.fincen.gov/news/speeches/prepared-remarks-fincen-director-andrea-gacki-during-beneficial-ownership-2
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