Yellen: More than 100,000 beneficial ownership information filings so far

The Financial Crimes Enforcement Network has received more than 100,000 filings since it began accepting beneficial ownership information on Jan. 1, Treasury Secretary Janet Yellen said today. In a speech at the agency, Yellen said FinCEN was off to an “exciting start” with the rollout of the BOI collection system, which is required under the Corporate Transparency Act. She also said the agency is working with the Small Business Administration to spread the word about the new reporting requirements through virtual and in-person events, and has established a call center to take questions.

In addition, Yellen said regulators plan to issue proposed rulemaking early this year to bring greater transparency to residential real estate transactions. They also are considering the “next steps” to address risks associated with commercial real estate, she added.

Share.