Lawmaker Seeks Data on Compliance with FinCEN’s BOI Reporting Rule
Rep. Zach Nunn, R-Iowa, introduced a bill last week that would require the Treasury Department to submit quarterly reports to Congress on the number of businesses that have met FinCEN’s new beneficial ownership information (BOI) reporting rule.
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
The legislation was referred to the House Financial Services Committee, of which Nunn is a member. Republican members of the committee have said FinCEN needs to do a better job informing small business about the new reporting requirement (see 2401080065).
The new rule, which requires companies to submit information on who owns and controls them, is designed to help the government prevent sanctioned parties and others from hiding money or property in the U.S. (see 2312210017).