Skip to content

20 Employees $ $5MM you don’t register for beneficial ownership

Answered by: 

Question: 
On the national registration of beneficial ownership, is there an exception for those with 20 employees?
Answer: 

Yes with some other rules. Here is the new law that exempts:

‘‘(xxi) any entity that—

‘‘(I) employs more than 20 employees on a full-time basis in the United States;

‘‘(II) filed in the previous year Federal income tax returns in the United States demonstrating more than $5,000,000 in gross receipts or sales in the aggregate, including the receipts or sales of—

‘‘(aa) other entities owned by the entity; and

‘‘(bb) other entities through which the entity operates; and

‘‘(III) has an operating presence at a physical office within the United States;

--------------------------

Learn more about Deborah Crawford’s

Massive BSA/AML Legislation Passed! webinar.

First published on 03/21/2021

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics