FinCEN Reporting Launches Innovative Solution for FinCEN Beneficial Ownership Information Reporting
GREENVILLE, S.C., February 15, 2024 (Newswire.com) - FinCEN Reporting, a pioneering leader in compliance solutions, is proud to announce the launch of its groundbreaking service for FinCEN Beneficial Ownership Information Reporting. With the implementation of the Corporate Transparency Act (CTA), businesses with fewer than 21 employees or less than $5M in sales are now required to perform beneficial ownership information reporting to the Financial Crimes Enforcement Network (FinCEN) to avoid criminal and civil penalties.
The Corporate Transparency Act aims to promote transparency and combat financial crimes like money laundering by revealing the true owners behind businesses. To assist businesses in meeting these new regulatory requirements, FinCEN Reporting offers a comprehensive FinCEN BOI Reporting service. This service simplifies the reporting process, ensuring compliance and mitigating the risk of penalties. The reporting applies to all businesses created prior to 2024 with a deadline of 1/1/2025.
"Our mission at FinCEN Reporting is to empower businesses to navigate regulatory challenges efficiently and effectively," said Mark Combs, CEO and Founder at FinCEN Reporting. "With the introduction of the Corporate Transparency Act, many businesses are facing new compliance obligations. Our FinCEN Reporting Partner Software provides a seamless solution, turning hours of work into a streamlined process that is easy to manage."
The FinCEN Reporting Partner Software Platform streamlines the entire process of capturing beneficial owner information, offering a secure and user-friendly interface. This innovative platform is designed to assist firms responsible for ensuring their clients' compliance with the Corporate Transparency Act.
As the Corporate Transparency Act reporting applies to over 30 million companies, FinCEN Reporting anticipates high demand for its services. By offering a comprehensive solution tailored to the needs of businesses and their advisors, FinCEN Reporting is positioned as a trusted partner in navigating regulatory compliance.
For more information about FinCEN Reporting and its FinCEN Beneficial Ownership Information Reporting service, visit fincenreporting.com.
About FinCEN Reporting: FinCEN Reporting is a leading provider of compliance solutions, specializing in assisting businesses in navigating regulatory challenges efficiently and effectively. With a focus on innovation and customer satisfaction, FinCEN Reporting empowers businesses to achieve compliance while mitigating risk.
Source: FinCEN Reporting