The US treasury department’s Financial Crimes Enforcement Network (FinCEN) on Friday published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information reporting requirements taking effect on 1 January 2024.

Banks are amongst the 23 types of entities exempt from the reporting requirements that must be met by many corporations, limited liability companies, and other entities created in or registered to do business in the US to report information about their beneficial owners to FinCEN.

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