FinCEN Launches PSAs to Inform Companies About New Ownership Rules

The Treasury Department’s Financial Crimes Enforcement Network announced it’s running nationwide television and radio public service announcements to help inform small and medium-sized businesses about upcoming requirements to report certain beneficial ownership information to the agency. The announcement comes after lawmakers criticized FinCEN for not doing enough to inform American companies about the new rules (see 2402140044 and 2407090053), which will require businesses to submit information on who owns and controls them as part of a government-led effort to prevent sanctioned parties and other criminal actors from hiding money or property in the U.S. (see 2312210017).

Treasury said it has “participated in more than 130 in-person and virtual engagements this year to educate business owners and other stakeholders about” the BOI reporting rules before they take effect for most companies on Jan. 1. It’s also working with the IRS, the Small Business Administration, members of Congress and industry groups to spread the word.