Rochester business owners face Jan. 1 deadline to file federal report targeting criminal activity
Written by Site Hub on October 6, 2024
Business owners in Rochester face a January 1, 2025 deadline to submit a federal report aimed at preventing criminal activities such as drug trafficking, human trafficking, and money laundering. The Beneficial Ownership Information Report, required by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), seeks to identify the real owners and controllers of businesses. The goal is to prevent the use of anonymous shell companies for illicit purposes.
Failure to file the report could result in significant penalties, including up to two years in prison and a $10,000 fine, but this applies only to deliberate non-compliance. FinCEN aims to use this information to flag businesses potentially involved in illegal activities. Business owners who are unsure about the filing requirements are encouraged to consult their CPA.
The Rochester Chamber of Commerce and local officials are raising awareness to ensure compliance, as many business owners are reportedly unaware of the new requirement.
Source: WHEC News
