BOI Reporting
Understanding the New Requirements
The Corporate Transparency Act introduces significant changes to financial compliance regulations for businesses nationwide. This legislation enhances anti-money laundering compliance by requiring business ownership reporting to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. While the law affects most companies registered as LLCs, Corporations, or similar entities, certain exemptions exist for publicly traded companies, banks, credit unions, and tax-exempt entities.
Your filing deadline depends on your company’s formation date, with existing and newly formed businesses having different reporting timelines. Our corporate governance consulting team can help you understand these requirements and ensure proper company and beneficial owner information documentation, including names, dates of birth, identification numbers, and addresses.
Guidance Through Compliance
Professional Support and Risk Management
We provide business compliance solutions tailored to organizations of all sizes. Our experienced team combines regulatory compliance consulting with practical guidance, ensuring accurate and timely filing while maintaining strict confidentiality of your sensitive information.
Non-compliance with BOI reporting requirements carries serious consequences, including fines, daily penalties, and potential legal implications. Partner with MST’s corporate compliance services to ensure adherence to these critical new requirements while focusing on what matters most – growing your business.
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