Beneficial Ownership Information Reporting Requirements by FinCEN
Important reporting requirements were implemented January 2024 by the Financial Crimes Enforcement Network (FinCEN), which could impact your business. The following information is for guidance only and is not intended as legal or compliance advice.
This is a reminder to please review the FinCEN website and documents for necessary guidance.
Overview of New Reporting Requirements As part of the Corporate Transparency Act (CTA), FinCEN has introduced reporting requirements aiming to enhance transparency and curb illicit financial activities. These requirements mandate certain business entities to report Beneficial Ownership Information (BOI).
Who is Required to Report? The requirement applies primarily to:
• Generally any entity registered with the Secretary of State (including single member LLCs)
What Information Must Be Reported? Entities subject to the BOI reporting requirement must provide:
• Identification details of beneficial owners
• Information on individuals who have substantial control over the company
FinCEN Resources and Further Guidance For more details on the BOI reporting requirements, you can visit FinCEN's official website (including information on who is exempt):
• FinCEN Corporate Transparency Act
• FinCEN’s Beneficial Ownership Information FAQs
• FinCEN Small Business Compliance Guide
How Is The Information Reported? Go to the link below and complete the requested information:
Important Note: Any changes to beneficial owners’ information is required to be updated promptly going forward.