Authored by: Eli Han , Lucia Chen and Chuyi Sheng

On September 30, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule (“Final Rule”) pursuant to the Corporate Transparency Act (“CTA”), requiring most entities formed in or registered to do business in the U.S. to submit beneficial ownership information (“BOI”) reports to FinCEN.Subsequently, on November 8, 2023, FinCEN issued an amendment to the Final Rule, specifying how and when reporting companies may use a FinCEN identifier to fulfill their BOI reporting requirements under the Final Rule(the amendment, together with the Final Rule, the “Reporting Rule”). The Reporting Rule will become effective on January 1, 2024.

Read More