The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has released a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about their beneficial owners—the individuals who ultimately own or control a company—to FinCEN. The Guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN.
The BOI reporting rule is a federal anti-money laundering measure being implemented under the Corporate Transparency Act. It is intended to help law enforcement identify and expose bad actors abusing the U.S. financial system by hiding their identity behind opaque corporate structures.
Among other things, the Guide:
- Describes each of the BOI reporting rule’s provisions;
- Answers key questions; and
- Provides interactive checklists, infographics, and other tools to assist businesses in complying with the BOI reporting rule.
Even though the BOI reporting requirements become effective on January 1, 2024, FinCEN has not yet released a final version of the reporting form. The agency state it will provide additional guidance on how to submit beneficial ownership information soon.
If you have questions about this issue or other policy matters, please contact NCACPA Director of Advocacy Robert Broome, CAE.