The Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury Department is launching a public service announcement (PSA) campaign to educate small businesses about new beneficial ownership reporting requirements.
The campaign features television and radio ads, as well as digital and print ads. The message will be focused on educating stakeholders about these reporting requirements, while also encouraging compliance with the rules.
The rule requires many companies to report basic information to FinCEN about the individuals who ultimately own or control them. The requirements were approved in 2021 through the Corporate Transparency Act to curb illicit finance.
The deadline to file the information with FinCEN is Jan. 1, 2025. Filing is simple, secure, and free of charge, according to FinCEN officials.
As part of this PSA campaign, Treasury and FinCEN officials have participated in more than 130 in-person and virtual engagements this year to educate business owners and other stakeholders about beneficial ownership reporting.
Other efforts include intergovernmental partnerships such as with the IRS and Small Business Administration; collaborations with Secretaries of State and members of Congress; and engagement with industry groups.
Since the database opened for filings on Jan. 1, 2024, FinCEN has received millions of Beneficial Ownership Information Reports, including from companies in all 50 U.S. states.