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1/1/2024 Update

FinCen Announces Many US Companies Will Be Required to File Beneficial Ownership Information

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) annouced that as of January 1, 2024 many companies in the United States are required to file beneficial ownership information reports as per the 2021 Corporate Transparency Act.

Below is the FinCEN News Release and Additional Resources.

FinCEN News Release: U.S. Beneficial Ownership Information Registry Now Accepting Reports | FinCEN.gov (below)

WASHINGTON -- Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.

Filing is simple, secure, and free of charge. Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

  • Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
  • Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information. Generally, reporting companies must provide four pieces of information about each beneficial owner:

  • name;
  • date of birth;
  • address; and
  • the identifying number and issuer from either a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a U.S. territory or possession), local government, or Indian tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted.

The company must also submit certain information about itself, such as its name(s) and address. In addition, reporting companies created on or after January 1, 2024, are required to submit information about the individuals who formed the company (“company applicants”).

FinCEN is committed to providing America’s small businesses with the resources and information they need to make filing as quick and easy as possible. FinCEN’s Small Entity Compliance Guide walks small businesses through the requirements in plain language. Filers can also view informational videos and webinars, find answers to frequently asked questions, connect to the contact center, and learn more about how to report at www.fincen.gov/boi.

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Additional Resources:

Beneficial Ownership Information Reporting | FinCEN.gov

*BOI Small Compliance Guide v1.1 (fincen.gov)

https://www.fincen.gov/boi-faqs

https://service.govdelivery.com/accounts/USFINCEN/subscriber/new

https://www.fincen.gov/sites/default/files/shared/BOI%20Informational%20Brochure%20508C.pdf

Reference Materials | FinCEN.gov

 

Questions: 

Submit questions to the FinCEN contact page www.fincen.gov/contact or call the Regulatory Helpline at 1-800-767-2825 toll free or 703-905-3591 for assistance