READOUT: FinCEN Deputy Director Jimmy Kirby’s Travel to Queens, New York for Beneficial Ownership Outreach Event

QUEENS, New York—On August 2, Financial Crimes Enforcement Network (FinCEN) Deputy Director Jimmy Kirby participated in a beneficial ownership reporting outreach event in Queens, New York with U.S. House of Representatives Small Business Committee Ranking Member Rep. Nydia Velazquez (D-NY).

Under the Corporate Transparency Act—a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts—many small businesses are required to report basic information to the Federal government about the real people who ultimately own or control them. The August 2 event was part of the U.S. Treasury Department’s nationwide efforts to educate potential reporting companies on the aims of the beneficial ownership information program prior to the January 1, 2025 reporting deadline that many companies are required to meet. During the event, Deputy Director Kirby met with small business owners and other local stakeholders to inform them about the reporting process, discuss the importance of corporate transparency, and answer questions.

Centralizing beneficial ownership information is critical to the U.S. Government’s efforts to make it harder for terrorist financiers, drug kingpins, and other bad actors to use anonymous corporate structures to launder, move, and hide illicit funds into and through the United States. Learn more about beneficial ownership reporting at fincen.gov/boi.

Deputy Director Kirby’s remarks: https://www.fincen.gov/news/speeches/prepared-remarks-fincen-deputy-director-jimmy-kirby-during-beneficial-ownership-0