NEWS: On September 30, 2023, the Financial Crimes Enforcement Network (FinCEN) issued additional guidance for the Beneficial Ownership information (BOI) reporting requirements, including updated BOI FAQs.
The revised FAQs include new questions about:
- Beneficial owners;
- Initial reports;
- FinCEN identifiers; and
- Third-party service providers.
FinCEN has also posted a BOI Brochure to its website. The brochure includes the new Federal reporting requirements for BOI, as well as additional language translations for the Small Entity Compliance Guide.
Additional information about the BOI reporting can be found on FinCEN’s website here.
Any questions, comments, or complaints regarding the BOI information collection process or those pertaining to the accuracy, completeness, or timeliness of such information, should be emailed to the Department of Treasury’s Office of Inspector General.
You can also reference The League’s September 20, 2023 Compliance Courier, FinCEN issues Compliance Guide and FAQs to help small businesses report Beneficial Ownership Information.