Reporting Info
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Reporting Info

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Required Contents of FinCEN Reports Under the Corporate Transparency Act (CTA)

What Information Must Be Reported?

Under the Corporate Transparency Act (CTA), it is mandatory for all “reporting companies” to file a report with the Financial Criminal Enforcement Network (FinCEN) of the U.S. Treasury, disclosing specific information, or else face a daily fine of $500. If your company falls under the category of a reporting company, it must submit a FinCEN report containing the following details about each “beneficial owner” and the individual known as the “applicant.” You can refer to the section titled “Who Must File a FinCEN Report?” for more information.

A beneficial owner is an individual who, either directly or indirectly, holds significant control over the entity or possesses ownership or control of at least 25 percent of the entity’s ownership interests. An applicant is the individual who filed the formation document of the reporting company with the state agency in the state where the entity was established.

The FinCEN report must include the following information for each beneficial owner and applicant:

  • The person’s full legal name.
  • The person’s date of birth.
  • The person’s current residential or business street address as of the date when the FinCEN report is submitted.
  • A unique identifying number, obtained from the person’s: Nonexpired U.S. passport.
    • Nonexpired identification document issued by a State, local government, or Indian Tribe for identification purposes.
    • Nonexpired driver’s license issued by a State.
    • Nonexpired passport issued by a foreign government (if the person doesn’t possess a document mentioned in the previous three points).
  • A photograph of the document from which the unique identifying number was derived.

Alternatively, in place of entering the above information in the FinCEN report, the reporting company can provide the FinCEN identifier issued to the person by FinCEN. This is permissible if the individual has already submitted the aforementioned information to FinCEN and FinCEN has issued a unique FinCEN identifier to that individual.

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