U.S. domain investors must submit their FinCEN report this month. The deadline is approaching, and failing to comply could result in substantial penalties, including fines of up to $10,000 and potentially two years in prison.

Earlier this year, a new regulation was introduced mandating most business owners in the United States to file a Beneficial Ownership statement with the Financial Crimes Enforcement Network (FinCEN). This requirement applies to nearly all businesses, excluding sole proprietorships that are not registered with a Secretary of State. Businesses that were established prior to 2024 have until January 1, 2025, to file, whereas new companies must report sooner.

With the deadline nearing, it is essential for domain investors to act quickly to avoid penalties. The process is straightforward and can be completed in about five minutes. It requires basic location information, alongside uploading a photo ID.

Many businesses are offering assistance for this filing, with fees ranging from $50 to several hundred dollars. However, for most investors, it is unnecessary to incur these costs because the process can be completed for free through the official FinCEN website.

Make sure to prioritize this important task in your schedule for the month.

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