Companies got their info together for BOI? Regulator now ready to accept reports

“Beneficial ownership information” (BOI) reports are now being accepted, triggered by new federal requirements for many companies doing business in the United States to curb illicit finance, the Treasury’s financial crimes enforcement arm said Monday.

Under the 2021 Corporate Transparency Act, the Treasury’s Financial Crimes Enforcement Network (FinCEN) said, many companies (not all) are required to report information about the individuals who ultimately own or control the company (that is, who benefits from ownership).

But the information filing is not annual, FinCEN clarified: A report only needs to be submitted once, unless the filer needs to update or correct information. Companies that are required to comply with the BOI fall into two categories, existing and newly created or registered companies.

FinCEN said existing companies (those created or registered to do business in the U.S. before Jan. 1) must file by the start of next year (Jan. 1, 2025).

Newly created or registered companies (those created or registered in the U.S. this year, 2024) have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

FinCEN said that 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,” FinCEN said. “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’).”

U.S. Beneficial Ownership Information Registry Now Accepting Reports