Banking and Finance Law Daily Wrap Up, DIRECTORS, OFFICERS AND EMPLOYERS—FinCEN reviews ‘beneficial ownership reporting’ outreach activities held in August, (Sep 9, 2024)

By Thomas G. Wolfe, J.D.

FinCEN also recounted its September meeting in New York City, in partnership with the IRS’s criminal investigation unit, discussing ways for the private and public sectors to combat the illicit financing of fentanyl trafficking.

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has released its “August 2024 Beneficial Ownership Reporting Outreach Activities and Preview of Upcoming Events.” In addition, FinCEN has reported on its recent Sept. 5, 2024, meeting in New York City, held in partnership with the Internal Revenue Service’s criminal investigation unit, not only to educate communities about the threat of fentanyl but also to “bring together public and private sector participants” to discuss ways to fight against the illicit financing of fentanyl trafficking.

Activities held in August and early September. In August 2024, as part of its overall effort to “educate small businesses and other key stakeholders about new beneficial ownership reporting requirements,” FinCEN launched a TV and radio public service announcement campaign and presented webinars on the topic. Also, the federal agency held various information sessions and outreach events across the country—including those that took place in Arizona, California, Illinois, Maryland, Nevada, New York, Texas, and Virginia.

FinCEN’s early September meeting in New York, held in partnership with the criminal investigation (CI) arm of the IRS, was part of the agencies’ “Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl (PROTECT)” series. CI Chief Guy Ficco remarked, “By incorporating our financial industry partners into the fight against fentanyl trafficking, we are better equipped to identify suspicious financial transactions and dismantle criminal organizations that attempt to poison our communities.”

Upcoming events. Next, during the month of September, FinCEN is planning for “America’s Small Business Development Center (SBDC) Conference” in Atlanta, an “IRS Tax Forum” in San Diego, a “National Public Records Research Association Conference” in Rhode Island, and a virtual information session. Later this fall, FinCEN will be sponsoring two “Small Business Expos”—the first expo takes place in the Dallas/Fort Worth area in November and the second expo takes place in Atlanta in December.

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