FSC Publishes Guide to Navigating New FinCEN Reporting Requirements

FSC Publishes Guide to Navigating New FinCEN Reporting Requirements

LOS ANGELES — The Free Speech Coalition has published a guide for members on how to navigate the new reporting requirements implemented by the Financial Crimes Enforcement Network (FinCEN).

The text of the guide follows:

As of January 1st, 2024, the United States Financial Crimes Enforcement Network (FinCEN) has implemented new reporting requirements aimed at combating financial crimes. The Free Speech Coalition encourages its members who own businesses to ensure compliance with these regulations. Here’s what you’ll need to know to navigate FinCEN's new beneficial ownership information reporting requirements.

Understanding the Reporting Requirements: Who Does This Apply to?

These reporting requirements primarily concern companies doing business in the United States, including those owned by members of the Free Speech Coalition. The FinCEN Small Entities Compliance Guide outlines which companies are required to report and which companies are exempt. To determine whether the requirements apply to you, refer to the chart below, which is also listed on page 9 of the Small Entities Compliance Guide.



If your company is a reporting company, your next step is to identify its beneficial owners. A beneficial owner is any individual who, directly or indirectly, exercises substantial control over a company or owns or controls at least 25 percent of its ownership interests. Companies are required to identify and report all owners and beneficiaries.

How to Report:

Reporting companies must file their reports electronically through the FinCEN secure filing system, which is available as of January 1, 2024. FinCEN has published instructions and technical guidance on how to complete the report form on their website. If a reporting company is unable to file electronically, they should contact FinCEN for assistance. You also have the option to create a FinCEN ID.

What You Need to Report:

Reporting companies must provide specific information about each beneficial owner, including their name, date of birth, address, and identifying number and issuer from an accepted identification document. Additionally, information about the company itself, such as its name and address, must be submitted.

Deadlines for Reporting Requirements

For existing companies, the deadline for filing initial reports is January 1, 2025. New companies created or registered in 2024 must file within 90 calendar days after their creation or registration.

Useful Resources for Compliance:

FinCEN provides various resources to facilitate compliance, including a Small Entity Compliance Guide, informational videos, webinars, an FAQ and a contact center. These resources can be accessed on the FinCEN website.

For more detailed information and frequently asked questions, refer to FinCEN's informational brochure here.

Copyright © 2025 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Texas Bill Would Require Age Verification for Online Sex Toy Sales

A new bill in the Texas state legislature would require online retailers to implement age verification of purchasers before selling “obscene devices” to anyone in that state.

New York Assemblyman Proposes Banning the Term 'Sex Work'

Republican New York Assembly Member Brian Maher has introduced a bill to prohibit the use of the term "sex work" in government documents.

Age Verification Watch: Michigan Joins the AV Club, Some Laws Just Make No Sense

This roundup provides an update on the latest news and developments on the age verification front as it impacts the adult industry.

Free Speech Groups Back SCOTUS Appeal of Georgia Strip Club Tax

Two civil liberties organizations filed an amicus brief Tuesday supporting a petition asking the U.S. Supreme Court to hear an appeal in a case involving whether a tax specifically aimed at adult entertainment establishments violates the First Amendment.

Creator Networking App 'Plaiir' Launches

Plaiir, a mobile networking app for creators, has officially launched.

Swedish Court Rules LELO Products Do Not Infringe 'Invalid' Satisfyer Patent

A Swedish district court has ruled that a patent filed by Satisfyer parent company EIS GmbH is not valid, and therefore three products from pleasure brand LELO are not in violation.

North Dakota House Committee Questions Anti-Porn 'Public Health Hazard' Claim

The North Dakota House of Representatives Education Committee on Monday amended a resolution that would have recognized pornography as a “public health hazard,” instead replacing that language with a call for further study into whether such a designation is appropriate.

Adult Site Broker Relaunches Site

Adult Site Broker has relaunched its website with several updates.

Pink and White Productions Relaunches PinkLabel.TV

Pink and White Productions has relaunched its PinkLabel.tv streaming platform.

Wick Entertainment Joins Pineapple Support as Supporter-Level Sponsor

Wick Entertainment has joined the ranks of over 60 adult businesses and organizations committing funds and resources to Pineapple Support.

Show More