GT – Beneficial Ownership Reporting Requirements: FinCEN Issues Final Rule for Implementation of Corporate Transparency Act

The final Rule requires U.S. entities and foreign entities registered to conduct business in the U.S. to report beneficial ownership information to FinCEN unless they meet an enumerated exception. Beneficial owners include each individual who, directly or indirectly, either (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25% of the ownership interests of a reporting company. Individuals who create a reporting entity also are required to report personal identifying information to FinCEN. The Final Rule takes effect Jan. 1, 2024. Read more.   Compliment Greenberg Traurig