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New Corporate Transparency Act Federal Ownership Info Reporting Requirements for Small Businesses

TuesdayMay 21, 202412:00 pm - 1:30 pm

Why Join us for this Seminar?

Efforts to combat money laundering have been ramped up over the past several years. The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has several new policies that may directly or indirectly impact real estate practices and the penalties for noncompliance can be severe and even criminal.

Combatting the use of real estate in money laundering schemes is difficult since it’s rarely known who truly owns or benefits from real property when it is held in an entity such as an LLC and not in the name of individual owners. The new Beneficial Ownership Information (BOI) rules, which went into effect on Jan. 1, 2024, require many entities to register and provide information about individuals who either own or control those entities.

There are several areas where this is likely to come into play in the context of real estate practice:

  • Brokerage firms owned and operated as an entity
  • A qualified association owned by one or more licensees
  • Property owners/buyers (including Realtors®) who own property through entities.

Learn if you are impacted by these new requirements, what is a “beneficial owner”, and exactly what you will need to disclose and when to ensure compliance.

S. Graham Simmons, III, Esq. Headshot

Instructor:

S. Graham Simmons, III, Esq.

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