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Thursday, February 22, 2024
HomeNewsLocal governmentRoach Notifies Small Businesses of Reporting on Beneficial Ownership Information

Roach Notifies Small Businesses of Reporting on Beneficial Ownership Information

Office of the Lieutenant Governor –

Lt. Gov. Tregenza A. Roach Esq. notifies the public that the Office of the Lieutenant Governor – Division of Corporations and Trademarks is guiding new federal reporting requirements that go into effect on Jan. 1, 2024, which will require businesses to report beneficial ownership information to prevent financial crimes.

Business owners may learn more about these requirements and review informational materials by visiting the dedicated webpage maintained by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) at www.fincen.gov/boi.

A Small Entity Compliance Guide has been issued by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to help small businesses understand the reporting requirements and determine if they are required to report their beneficial ownership information.

Among other things, the guide describes the provisions of the Beneficial Ownership Information Reporting Requirements rule in simple, easy-to-read language; answers key questions; and provides interactive checklists, infographics and other tools to assist businesses in complying with the reporting requirements.

“Small businesses are the foundation of the American economy, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is committed to making the process for reporting beneficial ownership information as simple and transparent as possible, particularly for small businesses that may have never heard of or interacted with FinCEN before.” said the lieutenant governor.

FinCEN is working to create a framework where most small businesses should be able to report their beneficial ownership information on their own. Reports will be accepted beginning on Jan. 1, 2024.

FinCEN’s webpage – www.fincen.gov/boi – is dedicated to providing guidance and information to help small businesses. The most recent addition to this webpage is the Small Entity Compliance Guide, which walks small businesses through these requirements.

The webpage also contains guidance documents, answers to frequently asked questions, introductory videos, quick reference guides and other resources to ensure that reporting companies and the small business community have the tools they need to comply with the new requirements.

Roach encourages small businesses to subscribe to FinCEN Updates to be notified when new information and guidance materials are added to FinCEN’s website.  Customers may visit www.fincen.gov/boi to review the guide as well as additional resources to help small businesses understand this new requirement.

For questions about the reporting requirement, contact FinCEN’s general regulatory helpline by visiting www.fincen.gov/contact. Customers may also contact the Division of Corporations and Trademarks at 774-2991 on St. Thomas/St. John or 773-6449 on St. Croix or visit the Office of the Lieutenant Governor’s website at: https://ltg.gov.vi.

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