The Financial Crimes Enforcement Network #FinCEN has published a Small Entity Compliance Guide designed to help small businesses report beneficial ownership information #BOI.
The guide has been issued in advance of the implementation of FinCEN’s new BOI reporting rule in 2024, and is designed to help businesses determine if they will be required to report their BOI to FinCEN.
Information is provided on:
➡️ Which companies have reporting requirements;
➡️ Identifying a company’s beneficial owners;
➡️ Reporting company applicants;
➡️ The specific information that companies will be required to report;
➡️ Filing initial BOI reports; and
➡️ Instances where there are changes to or inaccuracies in reported information.
Relevant firms can read the FinCEN guide in advance of the rule’s implementation and take any appropriate action.