Why Beneficial Ownership Information (BOI) Reporting

The Beneficial Ownership Information Report (BOIR), identifies individuals or entities with significant ownership or control over a company. This rule aims to enhance transparency in business ownership and prevent financial crimes like money laundering.

Understanding the importance of business entity reporting is essential for business owners, as it fosters transparency and fosters trust in business operations. This process aids in identifying the true decision-makers and owners within a company, thereby promoting integrity in business transactions and aiding in AML efforts.

Am I Exempt? Pricing Partnering Demo for Partners

FAQ

What information needs to be included in Beneficial Ownership Reports?

Beneficial Ownership Reports typically include details about the individuals who directly or indirectly own or control a significant portion of the business. This information may include names, addresses, dates of birth, and identification numbers of beneficial owners, as well as details about their ownership interests.

How does Beneficial Ownership Reporting help in preventing money laundering and other financial crimes?

Beneficial Ownership Reporting plays a crucial role in preventing money laundering and other financial crimes by revealing the true owners or beneficiaries behind businesses. This transparency makes it harder for criminals to conceal illicit funds within legitimate enterprises. By maintaining a centralized database of Beneficial Ownership Information (BOI) and sharing it with authorized users, such as law enforcement agencies, the Financial Crimes Enforcement Network (FinCEN) facilitates investigations and strengthens efforts to combat money laundering.

What is the purpose of BOI reporting?

what if my reporting is late?

What Companies Must Report?

Businesses with less than 21 employees OR less than $5M in sales are required to perform beneficial ownership information reporting to the financial crimes enforcement network (FinCEN) in order to avoid criminal and civil penalties.

That is, unless you are exempt! Find our more about which companies are exempt from this reporting below.

Am I Exempt?

Reporting Due Date

For companies created prior to January 1, 2024, you have until January 1, 2025 to submit your Beneficial Ownership Information Reporting.

For companies after January 1, 2024, and before January 1, 2025, you have 90 calendar days to make your filing to FinCEN.

For companies created after January 1, 2025, you will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to your make your filing.

About Us

Our company was founded in 2015 to address new compliance regulations required under the Affordable Care Act. Over the years the compliance burden of companies continued to grow, and our organization has evolved to meet the needs of our clients and partners. Over the years we have learned a thing or two while servicing 15,000+ compliance clients, as well how to integrate and support our partners in serving the needs of their third-party clients.

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