Legal Minute with Michaelson Law: New FinCEN Federal Mandate for Businesses

Welcome to a Legal Minute with Michaelson Law!

In the first episode of 2024, attorney John Michaelson shares information about a new federal mandate issued by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury that will require most companies to provide personal information for each beneficial owner. The purposes of the requirements, which become effective January 1, 2024, and demand compliance within that calendar year, are to assist with investigations surrounding money laundering, criminal activities, human trafficking, and tax evasion.

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