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Alerts and Updates

FinCEN Warns of Fraudulent Corporate Transparency Act Scams

April 17, 2024

FinCEN Warns of Fraudulent Corporate Transparency Act Scams

April 17, 2024

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The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has learned of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act (CTA).

According to FinCEN, these scams may include:

  1. Correspondence requesting payment. There is no fee to file beneficial ownership information (BOI) directly with FinCEN. FinCEN does not send correspondence requesting payment to file BOI. Do not send money in response to any mailing that claims to be from FinCEN or another government agency.
  2. Correspondence that asks the recipient to click on a URL or to scan a QR code. Those emails or letters are fraudulent. Do not click any suspicious links or attachments or scan any QR codes in emails, on websites or in any unsolicited mailings.
  3. Correspondence that references a “Form 4022” or an “Important Compliance Notice.” This correspondence is fraudulent. FinCEN does not have a “Form 4022.” Do not send BOI to anyone by completing these forms.
  4. Correspondence or other documents referencing a “US Business Regulations Dept.” This correspondence is fraudulent; there is no government entity by this name.

About Duane Morris

Duane Morris is actively monitoring developments regarding the CTA and issuing Alerts on the topic. Duane Morris will provide advice to clients related to CTA compliance only when explicitly engaged to do so in writing.

For More Information

If you have any questions about this Alert, please contact Thomas R. Schmuhl, Jocelyn Margolin Borowsky, Joel N. Ephross, Bruce H. Jurist, Hope P. Krebs, Lee J. Potter Jr., any of the attorneys in our Corporate Transparency Act Group, the attorney in the firm with whom you are regularly in contact, or Michael A. Gillen or any of the professionals in the Tax Accounting Group.

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.