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The Financial Crimes Enforcement Network (FinCEN) director stated they are creating awareness campaigns to guide individual entities about their latest beneficial ownership information (BOI) reporting guidelines.
The FinCEN continues to raise awareness about its guidelines to report BOI of the companies. These new guidelines will affect millions of businesses and their AML compliance directives. FinCEN has decided to utilise YouTube and other digital communication platfroms to enhance awareness about the latest BOI guidelines so companies can conveniently comply with these and safeguard themselves from hefty regulatory fines.
FinCEN’s director, Andrea Gacki, stated, “We are going all out to all forms of media to educate about beneficial ownership information and reporting, so not only will we be leveraging web like the YouTube series that OFAC did, but also leveraging every other type of outreach, through our website, through partnership with different public affairs outfits.”
Previously, Gacki provided commentary in a video titled “Introduction to OFAC Series – Episode 1,” which has had over 17,000 views since the end of July. Episode 2 was released approximately a month ago, and a new OFAC officer hosted it. Gacki added, “We are definitely trying to get the message out. We’ll be working with stakeholders, and we’ve gone on the road so far to engage with small businesses and different congressional districts. You can expect that we will continue that. We will partner with stakeholder organisations, especially at the secretary-of-state level.”
The BOI requirement is implemented through amending the Corporate Transparency Act. The FinCEN predicts that around 6.6 million BOI update reports will be filed in 2024, and approximately 14.5 million such reports will be filed annually for 2025 and beyond once these requirements apply to most organisations.
The new guidelines are part of future amendments in the AML regulations to protect companies from bad actors. A Small Entity Compliance Guide and a Notice of Proposed Rulemaking that could postpone the date for businesses founded or licensed in 2024 to submit their first BOI reports that are expected to be released by FinCEN in September. An official from the FinCEN stated, “These guidelines are to protect companies from facilitating money laundering, corruption, sanctions and tax evasion, drug trafficking, fraud, and a host of other criminal offences with impunity.”
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