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  • Writer's pictureDeborah

Released on March 24 by the Financial Crimes Enforcement Network (FinCEN) the materials includes an Frequently Asked Questions about the reporting requirements and two one pagers on Key Filing Dates as well as Key Questions applicable the beneficial ownership information (BOI) rules that will come into effect on January 1, 2024 (read our previous article here).

Certain corporations and entities created in or registered to do business in the United States will be required to report information about their beneficial owners to FinCEN.

The guidance provided focuses on issues such as:

  • The definition of BOI

  • The type of information that must be reported

  • The reporting timeline (Initial reports VS Updated reports VS Corrected reports)

  • Conditions for the disclosure of the BOI

  • Company applicant

  • The format and channel for reporting

  • Protection and confidentiality of the BOI

The materials will be of particular interest to small businesses.

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