The Jewelers Vigilance Committee (JVC) has sent out a reminder that almost every company in the jewelry industry must file ownership information with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025.

FinCEN’s Beneficial Ownership Information rule stipulates that companies created or registered before Jan. 1, 2024, have until Jan. 1, 2025, to file ownership reports with the government. (The link to do so is here.) The requirement stems from the Corporate Transparency Act passed in 2020.

Companies registered on or after Jan. 1, 2024, have 90 days from the date of creation to file their initial reports.

The rule defines a “beneficial owner” as “any individual who, directly or indirectly, exercises substantial control over a reporting company or who owns or controls at least 25% of the ownership interests of a reporting company.”

Companies are required to provide the full legal name, date of birth, current residential or business street address, and identification number (backed up by some form of official ID) for each beneficial owner.

“Most businesses in the jewelry industry are required to report this information,” said the JVC. “Businesses should take immediate steps to file this information.”

The JVC notes that in most cases this process shouldn’t take more than 10 minutes; a tutorial can be seen here.

For now, the information will not be made public; only government agencies are allowed to view it.

(Photo: Getty Images)

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