FinCEN: Yellen Shout Out & FAQs

Treasury Secretary Janet Yellen spoke at FinCEN headquarters January 8, and the office released a complete set of Frequently Asked Quaestions (FAQs) related to the new Beneficial Ownership reporting requirements.  Excerpts of Ms. Yellen's speech below, followed by the FAQs

"It’s been an exciting start to the year for FinCEN and for all of us, as the new beneficial ownership reporting requirement went into effect just last week. With this step, we’re closing a loophole and sending a clear message: The United States is not a haven for dirty money.

"The benefits of increasing corporate transparency through gathering beneficial ownership information—put simply, knowing who owns what—start with protecting our national security. Information on beneficial ownership will support our law enforcement colleagues in making arrests, prosecuting offenders, and seizing ill-gotten assets. It will also inform strategic, targeted actions, such as sanctions. Corporate transparency can bring economic benefits as well: protecting our financial system, reducing due diligence costs, enabling fair business competition, and increasing tax revenue.