Existing businesses that don’t qualify for an exemption under the Corporate Transparency Act will soon be required to report their beneficial owners to the Financial Crimes Enforcement Network.
On Jan. 1, 2022, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury will require all entities registered to do business in the U.S. to submit a report identifying the company’s applicants and beneficial owners or face penalties.
With 33 states having legalized marijuana in some form, cannabis-related companies and banks that want their business have been looking for signs of a...
