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What is FinCEN

At your business, you likely have many responsibilities that demand your time and attention. Keeping up with changing regulations and requirements can be challenging. One acronym on the horizon is FinCEN, which stands for Financial Crimes Enforcement Network.

FinCEN is a bureau under the U.S. Department of the Treasury that gathers and scrutinizes financial transactions to prevent and fight financial crimes like money laundering and terrorism financing. Beginning in 2024, FinCEN will require many businesses to report Beneficial Ownership Information, more often referred to as a BOI report.

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    FileForms: Your Trusted Partner for Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI)

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    What does FinCEN do?

    Analyzing Financial Transactions

    FinCEN analyzes the transaction reports it receives to identify patterns, trends, and anomalies that could indicate money laundering, tax evasion, terrorist financing or other illicit financial activities. FinCEN experts review transaction histories, network analyses, and other tools to uncover potential financial crimes that would otherwise go undetected.

    Sharing Financial Intelligence

    When FinCEN identifies suspicious patterns of activity, it shares that financial intelligence with relevant law enforcement and regulatory agencies. This includes the FBI, IRS, Secret Service, ICE, and numerous state and local entities. FinCEN operates a secure network to facilitate real-time information sharing.

    Issuing Regulations and Guidance

    FinCEN issues regulations requiring financial institutions to file transaction reports, implement anti-money laundering programs and comply with other rules. FinCEN also provides guidance to financial institutions on identifying and reporting potential terrorism financing, weapons proliferation financing, and other threats.

    Managing Financial Sanctions

    FinCEN manages various financial sanctions programs imposed by the U.S. Treasury Department. This includes:

    • Blocking assets of sanctioned individuals and entities
    • Investigating possible sanctions violations
    • Designating new individuals and entities for sanctions based on threats

    Working with International Counterparts

    FinCEN collaborates and exchanges information with counterparts in over 100 countries. This includes members of the Egmont Group, a global network of financial intelligence units. International cooperation is key to tackling financial crimes that span borders.

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    What Is the Corporate Transparency Act About?

    The primary function of the CTA is to combat money laundering. In it, lawmakers claim that criminals in the United States try to hide the true identities of the people who own corporations, limited liability companies, and other business structures in order to commit crimes like money laundering, terrorism financing, and tax evasion.

    In order to safeguard national interests and facilitate efforts to resist these criminal activities, Congress has determined that federal legislation allowing for the collecting of beneficial ownership information is required.

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    Who Can Be Considered a Beneficial Owner?

    Beneficial owners are not limited to shareholders of a company’s stock. Instead, it encompasses anyone with significant economic ties to the firm, such as 25%+ ownership (direct or indirect) or voting rights. Corporate officials and directors, LLC management, partners, and similar individuals may be considered “beneficial owners.”

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    Need Help With BOI Reporting and Getting Compliant with FinCEN?

    Gaining compliance with FinCEN doesn’t have to be a hassle when you can get help with BOI reporting with FileForms. We have made filing BOI reports and other paperwork easier on our technological platform, saving you time and effort.

    Our goal in developing FileForms was to cut costs and increase efficiency for businesses and their advisors.  The typical filing time on our platform is under 10 minutes, and it features a “central source of truth,” sophisticated process automation, and a streamlined workflow.

    We save you time and money by storing user profiles for future filing needs and using automated technologies to populate entity and owner information. Let us help simplify the process of collecting and organizing evidence of entity ownership. FileForms can save you time and headaches.