FinCEN Announces PSAs to Inform Businesses on Ownership Reporting

19 Aug, 2024

FinCEN Announces PSAs to Inform Businesses on Ownership Reporting

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has launched a nationwide public service announcement (PSA) campaign to inform small business owners about the new beneficial ownership reporting requirements. This initiative includes television and radio PSAs, as well as digital and print ads, designed to educate and encourage compliance with the Corporate Transparency Act.

The Corporate Transparency Act, passed in 2021, mandates that many companies disclose basic information about their ultimate owners or controllers to FinCEN. This requirement aims to combat illicit finance and enhance transparency. The reporting process is simple, secure, and free of charge, with a filing deadline set for January 1, 2025.

To support this initiative, Treasury and FinCEN officials have conducted over 130 in-person and virtual engagements this year, focusing on educating business owners and stakeholders. The campaign also includes collaborations with the IRS, Small Business Administration, Secretaries of State, and members of Congress, along with industry groups.

Since the Beneficial Ownership Information Reports database opened on January 1, 2024, FinCEN has received millions of reports from companies across all 50 U.S. states.