https://www.natlawreview.com/article/brave-new-world-us-implements-company-ubo-reporting-regime
For unauthorized use or disclosure violations, the civil penalty is the same, while criminal liability may consist of a fine of up to $250,000, imprisonment of up to five years, or both. If one is guilty of a disclosure or use violation while also violating other U.S. Federal law or engages in a pattern of any illegal activity involving more than $100,000 in a 12-month period, the criminal monetary fine and imprisonment ceilings are doubled (i.e., $500,000 and 10 years, respectively).
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What Obligations Are Imposed?
In accordance with forthcoming regulations prescribed by the U.S. Department of Treasury, each Reporting Company is required to submit to FinCEN a report that contains the following information ("Reportable Information") of each Beneficial Owner and each Applicant with respect to such Reporting Company:- full legal name,
- date of birth,
- current residential or business address, and
- unique identifying number from a non-expired U.S. passport or U.S. state identification (e.g., driver's license), or from a non-expired foreign passport, or a FinCEN identifier (i.e., the unique number issued by FinCEN to a person under the Act).
Key Terms Defined.
Reporting Company: A corporation, limited liability company, partnership or similar entity (an "Entity") that either:- is created by the filing of a document with a secretary of state or a similar office under the laws of any U.S. state, the District of Columbia, the Commonwealth of Puerto Rico, or any other commonwealth, territory or possession of the United States (collectively, the "United States" or "U.S."), or
- registers or files an application to register an Entity under the laws of a foreign country to do business in the United States by filing a document with the secretary of state or similar office under U.S. law.
Penalties for Non-Compliance.
Unless otherwise exempted under the safe harbor provided in the Act, violations of the Act's reporting requirements, and unauthorized disclosure or use of Reportable Information, may give rise to civil and criminal liability. Civil penalties for reporting violations may consist of a monetary fine of up to $500 per day that the violation continues unresolved, while criminal exposure may include a fine of up to $10,000, imprisonment for up to two years, or both.For unauthorized use or disclosure violations, the civil penalty is the same, while criminal liability may consist of a fine of up to $250,000, imprisonment of up to five years, or both. If one is guilty of a disclosure or use violation while also violating other U.S. Federal law or engages in a pattern of any illegal activity involving more than $100,000 in a 12-month period, the criminal monetary fine and imprisonment ceilings are doubled (i.e., $500,000 and 10 years, respectively).
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