Date: 2022-09-30
Links to Federal Register: HTML, PDF
Document Number: 2022-21020, RIN: 1506-AB49
Action: Final rule.
Abstract: FinCEN is issuing a final rule requiring certain entities to file with FinCEN reports that identify two categories of individuals: the beneficial owners of the entity, and individuals who have filed an application with specified governmental authorities to create the entity or register it to do business. These regulations implement Section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA), and describe who must file a report, what information must be provided, and when a report is due. These requirements are intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on entities doing business in the United States.
| Notable phrases | Frequency |
|---|---|
| reporting compan(y|ies) | 1097 |
| beneficial owner | 577 |
| FinCEN identifier | 120 |
| initial BOI report | 87 |
| beneficial ownership information | 61 |
| money laundering | 43 |
| secretary of state | 35 |
| domestic reporting company | 27 |
| information about beneficial owners | 18 |
| exercise substantial control | 17 |
| registered to do business | 15 |
| business in the United States | 13 |
| 25 percent of the ownership interests | 11 |
| substantial control over a reporting company | 8 |
| nominee, intermediary, custodian | 7 |
| aware or has reason to know | 6 |
Statistics
Number of pages: 99, words: 110,142, sentences: 3,795
Average words per sentence: 29