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Business owners should not forget anti-money laundering rule currently in legal limbo

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Texas Nouvelles

Janet Yellen,Corporate Crime,Money Laundering

Small business owners should not forget about a rule that requires them to register with an agency called the Financial Crimes Enforcement Network, or FinCEN, by Jan. 1. The registration is part of the Corporate Transparency Act passed in 2021.

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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. For now, the rule is on hold. On Dec. 3 a federal court in Texas issued a preliminary injunction prohibiting enforcement of the rule. FinCen has said registering is voluntary. But the injunction could be overturned on appeal, so small business owners should keep an eye on the case.

Doris Dike, a principal at Dike Law Group in Frisco, Texas, that works with small business healthcare clients, said she is concerned about the rule going into effect in 2025.

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