Top Treasury Officials Join Rep. Beatty to Educate Ohio Small Biz Owners on New Reporting Rule to Fight Money Laundering

The BOI rule seeks to prevent bad actors from using shell companies to launder and hide illicit funds by imposing a federal requirement to identify the beneficial owners of certain companies.The forum clarified requirements under the rule and gave small business owners in Central Ohio an opportunity to engage with officials to ensure compliance, address concerns from the business community, and provide feedback on avenues for effective implementation.

"I was happy to welcome Under Secretary Nelson and Director Gacki to Columbus today to help clarify the responsibilities and obligations for small businesses under the new BOI Reporting Rule to make sure they are squared away," said Congresswoman Beatty." Small businesses are a vital part of Ohio's communities and economy, and I am hopeful that this information session will help spread awareness to ensure that all small businesses will be in compliance."

"We're deeply appreciative to Congresswoman Beatty and her team for the opportunity to connect with Ohio's small business community," said Under Secretary Nelson. "Our ongoing partnership with Congress is vital to government-wide efforts to combat illicit finance in order to protect small businesses, our economy, and U.S. national security."

"I'd like to extend my thanks to Congresswoman Beatty for her efforts to educate constituents about these important new beneficial ownership reporting requirements," said FinCEN Director Gacki. "Anonymous shell and front companies are bad for business, and they can enable serious crimes like narcotrafficking, fraud, and terrorism. Together with small businesses across America, we can bring much-needed transparency to our corporate ecosystem."

Photos of the event are available here(link is external).

A video of the Congresswoman's remarks is available here(link is external).

Remarks from Treasury Officials are available here(link is external).

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