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NEWS: FinCEN tries to reassure U.S. small businesses beneficial ownership reporting is not a ‘gotcha’ exercise

ADVICE: "Small business owners doing their best to comply with the law should not lose sleep over these new reporting requirements,” FinCEN director Andrea Gacki told a community outreach event in Tucson, Arizona.

By Paul O’Donoughue

FinCEN (Financial Crimes Enforcement Network) Director Andrea Gacki has told small businesses that beneficial ownership reporting requirements are focused on catching criminals and will not be used as a ‘gotcha’ to catch companies out.

In a move to shore up support for the measures, Ms Gacki emphasised to firms that the corporate filing requirements will not be a burden for small firms.

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