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FinCEN BOI Reporting

Financial Crimes Enforcement Network (FinCEN) and BOI Reporting.

Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.

Why is FinCEN required BOI reporting?

BOI can provide essential information to law enforcement, intelligence, and national security professionals as they work to protect the United States from bad actors who exploit anonymous shell companies to engage in money laundering, corruption, sanctions and tax evasion, drug trafficking, fraud, and a host of others.

Who is an exempt beneficial owner?

The term exempt beneficial owner includes a foreign government, any political subdivision of a foreign government or any wholly owned agency or instrumentality of any one or more of the foregoing; any international organizations and any wholly owned agency or instrumentality thereof; any foreign central bank of issue.

Do I have to report my LLC to FinCEN?

Beginning January 1, 2024, certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States must report information about their beneficial owners – the persons who ultimately own or control the company – to the United States Department.

What is the penalty for failing to file a boi?

The penalties for BOI reporting violations and for the unauthorized disclosure or use of BOI are each increased to $591 a day from $500, effective Jan. 25. The penalties were established in 2021 when the Corporate Transparency Act (CTA), which mandates BOI reporting, became law in 2021.

An Introduction to Beneficial Ownership Information Reporting …YouTube · U.S. Department of the Treasury56 secondsMar 24, 2023

https://boiefiling.fincen.gov/boir/html

FinCEN BOI Reporting

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