The Jewelers Vigilance Committee (JVC) has issued an urgent reminder: Nearly every jewelry business must submit ownership information to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025.
Under FinCEN’s Beneficial Ownership Information rule, all companies created before January 1, 2024, need to file ownership reports by the New Year. Miss this deadline, and you could face penalties! Here’s what you need to know:
Who Needs to File?
- Companies created before January 1, 2024: Must file by January 1, 2025.
- Companies created on or after January 1, 2024: Have 90 days from the creation date to file.
A “beneficial owner” includes anyone with substantial control or at least 25% ownership of the company. You’ll need to provide their legal name, date of birth, address, and ID number.
Get It Done in 10 Minutes!
The JVC says this filing process takes just 10 minutes, and a tutorial is available to help you through it. Remember, this information won’t be made public—it’s for government agencies only.
Don’t let this important deadline slip by—ensure your jewelry business complies before time runs out!