Small businesses are beginning to feel more prepared for a new beneficial ownership reporting requirement that kicked in at the start of this year—but there’s still a long road ahead to get everyone on board, Inc. reports.
A survey released this week from global information services provider Wolters Kluwer reports that 26% of small businesses feel that their organization is mostly prepared to comply with the Corporate Transparency Act, a 2021 law that now requires certain businesses to report their beneficial owners to the Financial Crimes Enforcement Network. The survey received more than 3,600 responses.
The law aims to curb money laundering by making corporate ownership more transparent. More than 33 million businesses will need to comply, according to FinCEN.
Thirty-one percent of businesses surveyed are completely unprepared to comply with the measure, the survey finds, though that’s a drop from the 38% who felt unprepared in November’s polling. Read the full story.
