As BOI reporting draws ever closer, more, new FAQs posted (on requirements, updating, more)

Frequently asked questions (FAQs) are updated about the beneficial ownership information (BOI) requirements with new questions related to the reporting process and other topics, the Treasury’s financial crimes enforcement arm said Tuesday.

The BOI requirements take effect for many firms on Jan. 1, Treasury’s Financial Crimes Enforcement Network (FinCEN) said, and the new questions added to its series of FAQs on the requirement include those on reporting, reporting companies, the requirements, initial reports, updated reports, compliance and enforcement, third-party service providers and the agency’s identifiers.

FinCEN has updated its list of FAQs on BOI several times. The list is now 73 questions long. Since November, the last time the FAQs were updated, 19 more have been added.

BOI requires many companies to report information about the individuals who ultimately own or control the company (that is, who benefits from ownership). FinCEN noted that it will continue to provide guidance on how to submit beneficial ownership information, indicating that will continue after the Jan. 1 effective date.

Beneficial Ownership Information Reporting: Frequently Asked Questions