Why Syndications, HOAs, and Condo Associations Must Report Board Members to FinCEN
Nov 27, 2024Introduction
Under the Corporate Transparency Act (CTA), organizations like syndications, homeowners associations (HOAs), and condominium associations are required to report their Beneficial Ownership Information (BOI) to FinCEN. If your organization has a board, understanding these requirements is crucial.
Who Must Report?
Board members in these entities often fall under the CTA’s reporting requirements due to their control and decision-making power. This includes:
- Syndications: Reporting key individuals who control or manage the investment vehicle.
- HOAs and Condo Associations: Reporting board members who oversee property management and finances.
Why Is This Necessary?
- Preventing Abuse: Ensures transparency in entities that manage significant funds or assets.
- Promoting Accountability: Helps FinCEN track ownership and control to prevent fraud, money laundering, and other financial crimes.
- Avoiding Penalties: Failure to report can result in substantial fines and legal consequences.
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