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Starting in 2024, businesses and individuals with substantial control of a company in Arizona will be required to file new identification paperwork to enhance transparency and combat money laundering, as stipulated by the Corporate Transparency Act signed in January 2021. The required information includes owners’ full names, birth dates, addresses and other IDs, and the filing will be made with the Financial Crimes Enforcement Network. Non-compliant entities could be fined up to $10,000 and/or face imprisonment.
Corporate Transparency Act to Require New Identifying Paperwork in 2024
As of 2024, certain businesses and individuals with significant control over a company will need to submit new identification paperwork or risk fines, as per Arizona authorities. The Corporate Transparency Act, enacted in January 2021, was designed to fight against money laundering and other unlawful activities, the Arizona Corporation Commission states.
Effective from Jan. 1, 2024, select businesses will be required to file a report with the Financial Crimes Enforcement Network, an arm of the Department of Treasury, outlining details about business owners. Similarly, individuals with significant control or a 25% interest in a business will also be obligated to file paperwork.
The required details include full names, birth dates, addresses, and other identification measures such as passports or driver’s licenses. According to officials, this filing will hinder “bad actors” from concealing their activities behind corporations and other business entities.
Companies not exempted, formed or registered prior to Jan. 1, 2024, will have a year to file the report. Those established or registered after said date will have 90 days. As of 2025, the report must be filed within 30 days. Non-compliance could result in a fine of up to $10,000 and/or imprisonment, as per a document.
Questions related to the Corporate Transparency Act can be directed to the email address answers@azcc.gov or by calling 602-542-3026, according to the Arizona Corporation Commission.
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