This measure (H.R. 2513) would require all businesses with fewer than 20 employees to register their “beneficial owners” with FinCEN and update this registration when any information changes (home or business address, driver’s license change, change in ownership) within 60 days. The purpose of the law is to prevent the use of shell companies for illicit reasons, but it would greatly increase the burden on small businesses. Registration would have to be done annually for the life of the business. And failure to do so would result in federal criminal penalties.
New blog post today! The Story of Being Hacked
