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FinCEN Updates Beneficial Ownership Information FAQs. FinCEN has added sixteen FAQs on its beneficial ownership information reporting rule. The new FAQs address whether S-Corps and HOAs are covered reporting companies, whether beneficial owners can own or control reporting companies through trusts, when authorized recipients will have access to beneficial ownership information, and more. According to the FAQs, financial institutions are expected to receive access to beneficial ownership information in Spring 2025. View the FAQs.
April 19, 2024
FinCEN Reports on Elder Financial Exploitation Trends. FinCEN has released a Financial Trend Analysis on elder financial exploitation reported between June 2023 and June 2024. The report finds that 80% of elder financial exploitation filings involved strangers or imposters, while the remaining 20% involved trusted persons. View the announcement and report.
April 19, 2024
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