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Register now for the 2025 Safety and Compliance Conference Feb 28, 2025!
As a company owner or motor carrier, you are now required to report information to FinCEN about the individuals who own or control them. If you do not report the proper information you may face fines.
FinCEN uses 3 main requirements to determine who must report:
Note: This DOES NOT apply to Sole Proprietorships.
Exemption No. |
Exemption Short Title |
---|---|
1 |
Securities reporting issuer |
2 |
Governmental authority |
3 |
Bank |
4 |
Credit union |
5 |
Depository institution holding company |
6 |
Money services business |
7 |
Broker or dealer in securities |
8 |
Securities exchange or clearing agency |
9 |
Other Exchange Act registered entity |
10 |
Investment company or investment adviser |
11 |
Venture capital fund adviser |
12 |
Insurance company |
13 |
State-licensed insurance producer |
14 |
Commodity Exchange Act registered entity |
15 |
Accounting firm |
16 |
Public utility |
17 |
Financial market utility |
18 |
Pooled investment vehicle |
19 |
Tax-exempt entity |
20 |
Entity assisting a tax-exempt entity |
21 |
Large operating company |
22 |
Subsidiary |
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Register now for the 2025 Safety and Compliance Conference Feb 28, 2025!
Join our monthly newsletter and stay up-to-date on trucking industry news and receive important compliance and licensing tips.