Lawmaker Seeks Data on Compliance with FinCEN’s BOI Reporting Rule

Rep. Zach Nunn, R-Iowa, introduced a bill last week that would require the Treasury Department to submit quarterly reports to Congress on the number of businesses that have met FinCEN’s new beneficial ownership information (BOI) reporting rule.

The legislation was referred to the House Financial Services Committee, of which Nunn is a member. Republican members of the committee have said FinCEN needs to do a better job informing small business about the new reporting requirement (see 2401080065).

The new rule, which requires companies to submit information on who owns and controls them, is designed to help the government prevent sanctioned parties and others from hiding money or property in the U.S. (see 2312210017).