Reporting of Members and Administrators of Companies in the United States now underway

From January 1, 2024, reporting American companies' beneficial owners with the U.S. Department of the Treasury has become mandatory.

FinCen, the Department of Treasury division responsible for combating international financial crimes, manages the registrations. Both companies with American citizen members/administrators and those with foreign (non-American) members/administrators must report to FinCen.

This obligation fills a significant gap in international corporate compliance, where the U.S., unlike other advanced economies, did not have a comparable database. Company formation in America, including LLCs and corporations, is managed at the state level, resulting in 50 separate corporate compliance systems that do not communicate with each other.

As of January 1, 2024, a unified federal-level American business registry has been established, requiring the registration of the names of members and administrators of American companies. It's important to note that this American business registry is NOT public domain; the data is only accessible to investigators for international financial crime investigations.