Some entities are exempt from beneficial owner reporting, including inactive entities, tax-exempt entities, large operating companies, and those in heavily regulated sectors like finance. The most common exemption is for inactive entities. FinCEN manages beneficial ownership information.
Learn more about these exemptions below.
Pricing Partnering Learn More Demo for PartnersThe Financial Crimes Enforcement Network (FinCEN) is responsible for collecting and storing Beneficial Ownership Information (BOI) reports in a centralized database. This information is accessible only to authorized users, such as law enforcement agencies and regulatory authorities, for specific purposes outlined by law. FinCEN employs strict measures to safeguard the confidentiality and security of BOI, ensuring that it is used appropriately for regulatory and enforcement purposes.
FinCEN Beneficial Ownership Reporting refers to the process mandated by the Corporate Transparency Act (CTA), requiring certain businesses to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This reporting aims to enhance transparency in business ownership and combat financial crimes like money laundering.
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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