Beneficial ownership information

New federal rule requiring business ownership information taking effect Jan. 1

The Financial Crimes Enforcement Network, a bureau of the U.S. Department of Treasury has created a new rule called the Beneficial Ownership Information Reporting Rule. Starting Jan. 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them. Congress passed the Corporate Transparency Act in 2021, which created the new reporting requirement as part of the U.S. government’s efforts to