What is FinCEN Beneficial Ownership Information (BOI) Reporting?

Efile Your BOI Report

Purpose: FinCEN’s Final Rule on Corporate Transparency Act (CTA): Implements beneficial ownership information (BOI) reporting to combat illicit financial activities.

Penalties for Non-Compliance: violations may be subject to civil penalties of up to $500 for each day that the violation continues and criminal penalties of up to two years imprisonment and a fine of up to $10,000.

Reporting Requirements: Companies must file reports identifying beneficial owners and company applicants, including their names, birthdates, addresses, and identification numbers.

Reporting Timeline: Effective from January 1, 2024. Existing companies have until January 1, 2025, to file. New companies must file within 30 days of creation or registration.

Updates and Corrections: Companies must report changes or correct inaccuracies within 30 days of awareness.

Frequently Asked Questions
https://www.fincen.gov/boi-faqs#N_1