FinCEN’s October 2024 Beneficial Ownership Information FAQ Update
On October 3, 2024, the Financial Crimes Enforcement Network (FinCEN) issued new guidance concerning the Corporate Transparency Act (CTA) by updating and expanding on the Beneficial Ownership Information (BOI) Reporting Frequently Asked Questions (FAQs) that Seyfarth's CTA Task Force has covered in the past. Key updates include clarifications on who can access and submit BOI, the use of third-party service providers, exemptions for certain entities, the creation and conversion of…