Small businesses are still not required to register with an agency called the Financial Crimes Enforcement Network, or FinCEN — for now
ByMAE ANDERSON Associated Press
January 24, 2025, 12: 58 PM
NEW YORK — Small businesses are still not required to register with an agency called the Financial Crimes Enforcement Network, or FinCEN — for now.
The registration is part of the Corporate Transparency Act, an anti-money laundering statue passed in 2021. Under the CTA, the owners and part-owners of an estimated 32.6 million small businesses must register personal information with FinCEN, such as a photo ID and home address.
The aim of the law is to cut down on shell corporations and money laundering. But small business advocates say the reporting requirements are too onerous.
The rule has long been in legal limbo. On Thursday, the Supreme Court lifted an injunction re