House Financial Services Committee Chairman Patrick McHenry (R-NC) is calling on the Administration to delay the first phase of new beneficial ownership reporting that begins on January 1 under the Corporate Transparency Act, in part because “millions of small business owners remain unaware of their beneficial ownership reporting obligations.” Dozens of other House and Senate Republicans have also called for a delay. Yesterday, FinCEN issued the second phase of the final rules for accessing the data (in effect later in 2024) and eased some rules so that banks could use the ownership information for a broader range of purposes to combat money laundering and comply with sanctions. A third phase of final rules is still forthcoming.
Read more about Beneficial Ownership in The Gold Book.