This new law, which came into effect on January 1, 2024, was enacted to help prevent and combat money laundering, terrorist financing, corruption, tax fraud and other illegal activities. It requires corporations, limited liability companies and other filing entities to register and disclose information about owners, officers and controlling persons to the Financial Crimes Enforcement Network (FinCEN). This not only affects firms focused on business or accounting services, but also has an impact on estate planning firms and corporate fiduciaries. Although trusts are specifically exempt from the reporting requirements, they may still be required to report information about their beneficiaries. Our experts will give you an overview of what is required and the next steps to take and answer your questions.
CFP, CIMA®, CPWA®, CIMC®, RMA® and AEP® CE credits have been applied for and are awaiting approval.
Kevin L. Shepherd
Partner
Venable LLP
Stephen Liss
Partner
Dungey Dougherty PLLC
Susan Lipp – Moderator
editor in chief
Trusts & Estates
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