small business owners... the Fed is here

[wiredgeorge]

First I have heard of this new set of Fed compliance requirements and hope this is just smoke...

Federal Government To Enforce Money Laundering Bureaucracy on 32 Million Small Businesses - The Joe Messina Show

The Corporate Transparency Act has recently come to light, a law that affects an estimated 32 million small business owners, including sole proprietors. With this new measure set to take effect at the start of the new year, many may be unprepared for the reporting requirements that come with it...

joemessina.com

 

[BigRed]

BigRed notes idea 1,456 on how to slash federal government.

 

[Lead Belly]

Dovetails nicely: FedNow new online payment service. B2B for now with plans for individual use.

The FedNow Service went live on July 20, 2023. It is available to depository institutions in the United States and enables individuals and businesses to send instant payments through their depository institution accounts. The service is a flexible, neutral platform that supports a broad variety of instant payments. At the most fundamental level, the service provides interbank clearing and settlement that enables funds to be transferred from the account of a sender to the account of a receiver in near real-time and at any time, any day of the year. Depository institutions and their service providers can build on this fundamental capability to offer value-added services to their customers.


The FedNow Service is designed to maintain uninterrupted 24x7x365 processing with security features to support payment integrity and data security. The service has a 24-hour business day each day of the week, including weekends and holidays. End-of-day balances are reported on Federal Reserve accounting records for each participating depository institution on each FedNow Service business day. Access to intraday credit is provided to participants in the FedNow Service during its business day under the same terms and conditions as for other Federal Reserve services.


The FedNow Service provides liquidity management transfer capability to support instant payment services. The liquidity management transfer enables participants in the FedNow Service to transfer funds to one another to support liquidity needs related to payment activity in the FedNow Service. The transfer also supports participants in a private-sector instant payment service backed by a joint account at a Reserve Bank by enabling transfers between the master accounts of participants and a joint account.


The first release of the FedNow Service also includes optional features: fraud prevention tools, the ability to join initially as a receive-only participant, request for payment capability, and tools to support participants in their handling of payment inquiries. Additional features and service enhancements will be introduced over time.

FedNow® Service

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

 

[Southpaw]

And once again, a law that will have zero effect on who they say they are targeting by implementing it...criminals and terrorists.

All the information that they require is and would be easily faked by even most green of criminals/terrorists..But, I'm guessing they already know that and are after a different sort of control.

What Information Must be Reported?​

A reporting company must provide the following information for each beneficial owner and each applicant
with respect to the reporting company (“beneficial ownership information”):

• full legal name;
• date of birth;
• current residential or business street address; and
• a unique identifying number from an acceptable identification document (passport, driver’s license or other government issued identification document) or a FinCEN identifier.

https://www.americanbar.org/groups/...oday/2021-may/the-corporate-transparency-act/

 

[TheDan]

hope this is just smoke

oh it's real... I'm sure the information will get leaked/hacked to go after the assets and businesses of the politically undesirable. I'd imagine scummy litigious lawyers are already figuring ways to use it to peak behind the corporate veil, too.

 

[Byrd666]

Heard about these new regs. that are going into effect on 01 Jan 2024 on the Glenn Beck podcast. Dated 14 Dec. 23. Supposedly, it was passed during the Trump term in office. He Vetoed, House and Senate passed it anyway.


https://www.forbes.com/sites/joshua...uirements-will-start-in-2024/?sh=62a66f423827

https://www.msn.com/en-us/money/mar...t-new-regulations-going-into-2024/ar-AA1lr65c

Didn't see this thread earlier. Thanks for moving.