"FinCEN's New Beneficial Ownership Reporting Guidance Burdens Small and Medium Business Owners"

FinCEN has issued additional guidance on beneficial ownership information reporting, clarifying privacy issues, reporting requirements for U.S. territories, handling disputes, corporate ownership, company applicants, identification documents, residential addresses, FinCEN identifiers, and the use of third-party service providers. The guidance provides detailed information on who is required to report, what information needs to be reported, and how to comply with the reporting requirements, including specific scenarios and exceptions.