Andrew Mitchel LLC

Fed. Reg. 2022-21020: Beneficial Ownership Information Reporting Requirements

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.

Word frequency
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


Number of pages: 99, words: 110,142, sentences: 3,795
Average words per sentence: 29