Business owners should not forget anti-money laundering rule currently in legal limbo

AP Business Writer

Small business owners should not forget about a rule that requires them to register with an agency called the Financial Crimes Enforcement Network, or FinCEN, by Jan. 1. The registration is part of the Corporate Transparency Act passed in 2021. Registering isn’t difficult, but if a small business owner is unaware of the requirement, they could be slapped with penalties of up to $10,000. For now, the rule is in legal limbo. On Dec. 3 a federal court in Texas issued a preliminary injunction prohibiting enforcement of the rule.