Have you heard about the new beneficial ownership information reporting requirements? If you run a business in Puerto Rico, you might be wondering what they mean for you. The Financial Crimes Enforcement Network (FinCEN) recently held an outreach event in San Juan, conducted entirely in Spanish. This event focused on educating businesses about these reporting requirements, ensuring clear communication with Puerto Rican business communities.
Why Beneficial Ownership Reporting Matters
FinCEN Deputy Director Jimmy Kirby highlighted the importance of beneficial ownership reporting in combating money laundering and other financial crimes. By identifying the individuals who ultimately own or control businesses, authorities gain valuable insight into potential financial misconduct. Since January 2024, over 2 million reports have already been submitted.
Building on Collaborative Efforts
This outreach event is part of a larger U.S. Treasury Department initiative to strengthen financial transparency in Puerto Rico. Earlier this year, key officials visited the island to discuss ways to combat money laundering and other financial crimes.
Overall, this outreach program demonstrates FinCEN’s commitment to clear communication and collaboration with all U.S. jurisdictions, including Puerto Rico. By working together, financial institutions and authorities can create a more secure financial environment for everyone.
Source: READOUT: FinCEN Holds Bilingual Beneficial Ownership Engagement in Puerto Rico | FinCEN.gov
