Beneficial ownership information (BOI) reporting requirements are the subject of a public service announcement (PSA) campaign announced Thursday to inform small businesses of their obligations, the Treasury’s top financial crimes arm said.
The Financial Crimes Enforcement Network (FinCEN) said its PSAs are already running nationwide to “To directly reach business owners, educate stakeholders about these reporting requirements, and encourage compliance.” The ads are running on TV, radio and on digital and print venues, the agency said.
The 2021 Corporate Transparency Act was enacted to curb illicit finance by requiring many companies to report basic information to FinCEN about the individuals who ultimately own or control them. Databases for filing information opened at the start of this year, FinCEN noted; the deadline for filing for those required to report is Jan. 1.
FinCEN reports that, since it opened the database, it has “received millions of Beneficial Ownership Information Reports, including from companies in all 50 U.S. states.”
Information filing is not annual, FinCEN has said. 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, according to the agency.