Pennsylvania Alerts Business Owners to New Federal Law

The Pennsylvania Governor’s Administration is alerting Pennsylvania companies to a new federal requirement. Beginning Jan. 1, many companies in the United States will have to report information about their beneficial owners, individuals who ultimately own or control a company, to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. “While this is a federal requirement and not a Pennsylvania requirement, we are informing our business customers so that they can be prepared to comply,” Secretary of the Commonwealth Al Schmidt said. “The Department’s Bureau of Corporations and Charitable Organizations maintains records of more than three million companies that do business in the commonwealth and serves as the centralized filing office for Uniform Commercial Code financing statements.”