News Detail

FinCEN Releases Additional Guidance Materials Regarding Beneficial Ownership Reporting Requirements

The Financial Crimes Enforcement Network (FinCEN) released additional guidance materials regarding beneficial ownership reporting requirements, including: (1) updated FAQs addressing (among other issues) criteria for the SWACCA-advocated tax-exempt entity exemption from the beneficial ownership information reporting requirement; (2) a brochure on the new federal reporting requirement for beneficial ownership information; and (3) additional language translations of its recently-released Small Entity Compliance Guide.

SWACCA has been deeply engaged on FinCEN’s beneficial ownership rulemaking, including securing provisions in the initial rulemaking implementing the beneficial ownership reporting regime that ensured many SWACCA members and affiliates will be exempt from reporting their beneficial owners. SWACCA has also been advocating to ensure the beneficial ownership database can be used to pursue misclassification investigations.

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