WASHINGTON – The Financial Crimes Enforcement Network (FinCEN) has launched a public service announcement (PSA) campaign as part of its ongoing efforts it said are designed to educate the small business community about new beneficial ownership reporting requirements.
To directly reach business owners and to educate stakeholders about the reporting requirements, and to encourage compliance, television and radio PSAs are now running nationwide in tandem with digital and print ads, Treasury said.
Treasury noted that under the Corporate Transparency Act, enacted in 2021 to curb illicit finance, many companies are required to report basic information to FinCEN about the individuals who ultimately own or control them. The filing deadline for most companies that are required to report is Jan. 1, 2025.
As part of this initiative, Treasury and FinCEN officials reported they have participated in more than 130 in-person and virtual engagements this year to educate business owners and other stakeholders about beneficial ownership reporting.
Additional Efforts
Treasury said additional ongoing efforts include intergovernmental partnerships such as with the IRS and Small Business Administration; collaborations with Secretaries of State and members of Congress; and engagement with industry groups/
Since opening the database for filings on Jan. 1, 2024, FinCEN reported it has received millions of Beneficial Ownership Information Reports, including from companies in all 50 U.S. states, Treasury said.
View the new television PSA, “Café Conversations,” here.