Newly formed companies will have additional time to report information about who owns them to the government under new requirements that take effect Jan. 1.
Companies created or registered in 2024 will now have 90 days after they’re formed to report their “beneficial ownership” information, under final rules (RIN 1506-AB62) issued Wednesday by the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN. Previously, they would have had only 30 days.
Pre-existing companies still have a year after the new reporting requirements take effect Jan. 1 to file their initial reports, or until the end of 2024.
Under the ...
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