ADA sends Issues Alert on fraud attempts involving Corporate Transparency Act

Members encouraged to watch for solicitous messages from scammers

The ADA sent an Issues Alert to members Feb. 15 about recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. 

The Corporate Transparency Act aims to mitigate the number of money-laundering operations posing as businesses by requiring certain businesses that meet specific requirements, including dental practices, to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network about their ownership. 

However, since the Financial Crimes Enforcement Network began accepting beneficial ownership information reports Jan. 1, it has been notified of scammers sending messages that ask the recipient to click on a URL or scan a QR code. These messages may be titled “Important Compliance Notice.”

“Those e-mails or letters are fraudulent,” the Issues Alert reads. “[The Financial Crimes Enforcement Network] does not send unsolicited requests to individuals or small businesses. Please do not respond to these fraudulent messages or click on any links or scan any QR codes within them.”

For more information or to file a beneficial ownership report, visit fincen.gov/boi. The deadline to file is Jan. 1, 2025. 

“The ADA will continue to educate its members about the reporting requirements and will continue to ask that Congress delay the deadline for when owners are required to fill out the beneficial owner forms,” the alert concludes.