The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has initiated the acceptance of beneficial ownership information reports, in adherence to the Corporate Transparency Act passed in 2021. The Act mandates U.S. companies to disclose information about their ultimate owners or controllers, aiming to combat illicit finance through a secure, cost-free filing process. Existing companies must submit initial reports by January 1, 2025, while those created or registered in 2024 have 90 days post-effective notice, and beneficial ownership reporting is not an annual commitment. Reporting companies must provide beneficial owner information and individuals, with FinCEN offering a Small Entity Compliance Guide to simplify filing for small businesses in 2024. Resources include informational videos, webinars, FAQs, contact center access, and comprehensive details available at www.fincen.gov/boi