What is required under the Corporate Transparency Act concerning beneficial ownership?

Under the Corporate Transparency Act, organizations are required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This act was established to enhance transparency in corporate structures and combat money laundering and the financing of terrorism. By mandating that companies disclose who truly owns or controls them, the act aims to prevent the misuse of anonymous shell companies.

The requirement to report this information to FinCEN is crucial because it establishes a centralized repository where law enforcement agencies can access beneficial ownership data when investigating financial crimes. This is part of a broader effort to increase transparency in corporate governance and accountability.

The other options do not align with the specific requirements set forth by the Corporate Transparency Act. For example, verification of ownership structures with the IRS, disclosure of ownership in annual financial statements, and the maintenance of a public registry of owners are not mandated by this legislation, making option B the clear requirement under the act.