The NAMB and FinCEN Report Join Forces
Are You Ready for The Corporate Transparency Act?
Are You Ready for The Corporate Transparency Act?
FinCEN Report has partnered with The National Association of Mortgage Brokers to help busy mortgage brokers that have formed or registered a company in the U.S. file quickly and efficiently through our secure system. The Corporate Transparency Act (CTA) is a landmark federal law aimed at preventing illicit activities such as money laundering, tax fraud, and human trafficking by requiring certain entities to file beneficial ownership information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury.
Starting January 1, 2024, mortgage brokers will need to complete new paperwork to aid in the fight against financial crimes.
Key Deadlines & Enforcement
EXISTING BUSINESSES
Formed before January 1, 2024 must file an initial BOI report no later than January 1, 2025.
NEW BUSINESSES
Formed on or after January 1, 2024 must file an initial BOI report within 90 days after formation.
FAILURE TO COMPLY
May bring a fine of $500/day and/or a possible felony with up to 2 years in prison.
AMENDMENT REQUIRED
Within 30 days after any change in previously-reported data or any change in beneficial ownership.
How Do I Determine My Company’s Beneficial Owners?
Click here for a deeper explanation of how to determine who is a beneficial owner.
What Information Do I Need In Order to File?
All beneficial owners need to provide their name.
Those listed as a beneficial owner must also provide an address they are connected to.
Respond to simple questions (such as date of birth) to help complete your profile.
Upload a copy of a government issued identification for each beneficial owner listed.