There are yet more “frequently asked questions” (FAQs) about beneficial ownership information (BOI) posted by the Treasury’s financial crimes enforcement unit, the agency said Friday.
According to the Financial Crimes Enforcement Network (FinCEN), the additional FAQs focus on reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers.
The FAQs on BOI have now reached 83 total, covering 14 separate areas.
On Jan. 1, FinCEN began accepting BOI reports from many companies. According to FinCEN, under BOI, 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).
Information filing is not annual, according to FinCEN. 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 companies; 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).
Beneficial Ownership Information Reporting: Frequently Asked Questions