READOUT: FinCEN Director’s Travel to Chicago for Beneficial Ownership Outreach Events with Members of Congress

CHICAGO-On August 27 and 28, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki participated in two beneficial ownership reporting outreach events in the Chicago, Illinois area. The August 27 event was held in partnership with Rep. Robin Kelly (D-IL), and the August 28 event was held in partnership with Rep. Bill Foster (D-IL). At both events, FinCEN officials met with small business owners and other key stakeholders.

hese events were the latest in a series of events held by senior Treasury officials, in partnership with Members of Congress, to help small businesses across the United States fulfill their reporting requirements under the Corporate Transparency Act-a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts that requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them.

Filing is quick, secure, and free of charge. FinCEN expects that most companies will be able to file without the help of an attorney or accountant, and that the filing process for those with simple ownership structures may take 20 minutes or less. Moreover, filing is a one-time requirement, unless a company needs to later update or correct its beneficial ownership information. Companies that existed before 2024 have until January 1, 2025 to file, while companies created or registered in 2024 must file within 90 days of receiving creation/registration notice. More information, along with FinCEN's E-Filing System, is available at https://www.fincen.gov/boi.

Prepared Remarks: https://www.fincen.gov/news/speeches/prepared-remarks-fincen-director-andrea-gacki-during-beneficial-ownership-1

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