Enforcing authority of the Corporate Transparency Act

Today, we have a critical update to share with you regarding the Corporate Transparency Act (CTA) and its reporting requirements, which may have a significant impact on your business.

Beneficial Ownership Information Reporting | FinCEN.gov

The Corporate Transparency Act, enacted to enhance corporate transparency and combat financial crime, mandates the creation of a national registry of beneficial owners for reporting companies. Reporting companies include a diverse array of businesses, ranging from corporations to limited liability companies, that are formed at the state or federal level, or registered to do business in the United States under foreign country laws.

Starting January 1, 2024, reporting companies will be obligated to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). These reports contain crucial details about the entity and its beneficial owners. A beneficial owner is defined as an individual who owns or controls at least 25 percent of a company or exercises substantial direct or indirect control over the company. Remarkably, there is no limit on the number of beneficial owners that must be reported.

Considering the importance of this compliance requirement, we would like to offer you an exclusive opportunity. BNX Financial Solutions, with its expertise in navigating complex financial regulations, can assist you in ensuring compliance with the Corporate Transparency Act.

Would you be interested in scheduling an appointment with us to discuss your current status and the steps required to meet these reporting obligations? Our dedicated team is ready to provide personalized guidance tailored to your unique business needs. Whether you’re unsure about your reporting company status or need assistance with the BOI report preparation, we are here to help.

To schedule a convenient appointment, simply complete the contact form, and one of our experts will reach out to you promptly. This is your chance to proactively address compliance concerns and benefit from our knowledge and resources. Contact Us | BNX Financial Solutions

Thank you for your interest in BNX Financial Solutions. We look forward to the opportunity to assist you in navigating the Corporate Transparency Act and ensuring your business remains compliant with these important regulations.

Warm regards,

Yara Banks
Chief Executive Officer
BNX Financial Solutions