FINCEN requires Beneficial Ownership Information filing JANUARY 1, 2025

[Abhijit Roy choudhury]

Financial Crime enforcement Network, requires reporting of Beneficial Ownership Information filing by 01/01/2025.

Does this apply to us, Rental LLC owners. What about Not-for-profit HOA's.

Anyone heard of this? Seems like a very strict penalty if this is not followed through.

The CTA provides that willfully reporting or attempting to report false or fraudulent beneficial ownership, or willfully failing to report or make updates to the reported data shall be punished with a civil penalty of up to $500/day while the violation continues (up to $10,000) and a criminal penalty of up to two years in prison.