White Collar Crime Policy: Beneficial Ownership Provisions Become Law in Defense Spending Act

A law passed in 2020 requires small businesses to file a report listing their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) at a date to be determined after FinCEN has issued implementing regulations. The law does not apply to companies that have more than 20 employees or have more than $5 million in annual gross receipts.