Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024.
The new regulations require many corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners—the persons who ultimately own or control the company—to FinCEN.
A proposed reporting form that would give companies the option to say that they were unable to identify their owners, and to mark “unknown” with respect to key information about any owners has drawn criticism, according to the Wall Street Journal.
“FinCEN is working to issue an updated beneficial ownership information reporting form as soon as possible,” Himamauli “Him” Das, the acting director of the Treasury’s Financial Crimes Enforcement Network, said in a statement.
The following materials are now available on FinCEN’s beneficial ownership information reporting webpage, www.fincen.gov/boi:
Additional guidance will be published at www.fincen.gov/boi in the coming months, to include a Small Entity Compliance Guide.
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