New FinCEN Beneficial Ownership Information Reporting Requirements: Overview of Regulations and Practical Recommendations

Practising Law Institute will host an hour-long online program surrounding the FinCEN regulations that went into effect on January 1, 2024. Siana Danch, an associate in Ballard Spahr's Litigation Department, will help lead the discussion.

The agenda:

• Context and stated purpose for the new BOI reporting requirements
• How to determine whether an entity is a “reporting company” under the FinCEN regulations, including a general discussion of available exemptions
• Timing requirements for initial BOI report filings and updated reports
• Identifying “beneficial owners"
• Identifying “company applicants”
• Information to be included in BOI reporting filings and process for filing
• Use of FinCEN identifiers
• Who has access to BOI information reported to FinCEN
• Penalties for non-compliance
• Constitutional challenges to the U.S. Corporate Transparency Act and litigation considerations
• Related rulemakings (revisions to CDD rule)
• Key takeaways, practical considerations and suggested next steps for affected entities

Who Should Attend: Attorneys, in-house counsel, and compliance personnel interested in learning more about the new FinCEN beneficial ownership information reporting requirements.

Program Level: Overview

Prerequisites: None

Advanced Preparation: None

Enter jurisdiction on the PLI website to view credit details.