FinCEN Issues Beneficial Ownership Information Reporting Compliance Guide

September 18, 2023

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently published 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.

Among other things, the guide:

  • Describes each of the BOI reporting rule’s provisions in simple, easy-to-read language;
  • Answers key questions; and
  • Provides interactive checklists, infographics, and other tools to assist businesses in complying with the BOI reporting rule.

The requirements become effective on Jan. 1, 2024, and companies will be able to begin reporting beneficial ownership information to FinCEN at that time. FinCEN will provide additional guidance on how to submit beneficial ownership information soon.