FinCEN REPORT Launches Filing Service That Supports New Corporate Transparency Act Requirements & U.S. Anti-Money Laundering Efforts

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Sep 20, 2023, 08:48 ET

With more than 30 million small business owners impacted by the new Corporate Transparency Act on January 1, 2024, FinCEN REPORT launches a new, secure, and affordable filing solution that concurrently helps combat financial crimes.

ATLANTA, Sept. 20, 2023 /PRNewswire/ -- FinCEN REPORT has launched its patent-pending filing tool to help beneficial owners file and comply with the new legal requirements under the Corporate Transparency Act (CTA). This secure online solution, security certified by Breachlock, allows business owners to easily submit their beneficial ownership information while maintaining data privacy.

Congress passed the CTA on January 1, 2021, to require the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) to build a beneficial ownership registry. FinCEN will use the registry to crack down on anonymous shell companies, which have long been the financial vehicle of choice for money launderers, terrorists, and criminals.

Through their easy-to-use platform, the FinCEN REPORT team aims to facilitate the collection of this legally required information and lower the staggering numbers associated with financial crimes and other illicit activities. Consider this:

In 2021, The White House released a statement estimating that 25 million people are subjected to human trafficking and forced labor, and an estimated $150 billion is contributed to these illicit activities.
Various sources estimate that the U.S. makes up 15%-38% of the total amount of money laundered globally.
Approximately 90% of money laundering crimes go undetected.
Money laundering, which has been called the "life's blood of organized crime," is an integral part of human trafficking, drug trafficking and terrorist financing.

"The Corporate Transparency Act is a law that will eliminate corporate anonymity in the U.S., empowering law enforcement to fight the money laundering that facilitates human trafficking and drug smuggling," said Jonathan B. Wilson, CEO and Founder of FinCEN REPORT. "With the Corporate Transparency Act requiring more than 30 million U.S. businesses to file a beneficial ownership report with the U.S. Treasury Department during 2024, we are uniquely positioned to assist those businesses through our reporting service," he added.

FinCEN REPORT, which recently completed its first round of private investments through legal and technology partners, is actively engaging with national business organizations to boost awareness about the rapidly approaching deadline taking effect on January 1, 2024.

The FinCEN REPORT team will showcase their recently launched filing software at the 2023 National Public Records Research Association (NPRRA) Annual Conference in Louisville, KY on September 21 – 23, 2023. To learn more about how FinCEN REPORT is making it easy for business owners to successfully abide by the new CTA requirements, please visit https://fincenreport.com/. To schedule an interview with CEO Jonathan B. Wilson, please email [email protected] or call (404)-644-2779.

ABOUT FinCEN REPORT

FinCEN REPORT is an online filing service for reporting companies that must file beneficial ownership reports under the Corporate Transparency Act (CTA) beginning January 1, 2024. This patent-pending Software-as-a-Service (SaaS) tool is especially designed for business owners, and the professionals that manage their compliance, to meet these legal requirements. To learn more, visit https://fincenreport.com/.

Press Contact
Joanne Sanders
(404)-644-2779
[email protected]

SOURCE FinCEN REPORT