FinCEN BOI Reporting Takes Effect, FAQs Released

The Treasury Department’s Financial Crimes Enforcement Network began accepting beneficial ownership information reports Jan. 1 as part of its new BOI reporting requirements, which are designed to help the government prevent sanctioned parties and others from hiding money or property in the U.S. FinCEN last week released a notice that outlines reporting deadlines for new and existing companies and what information must be submitted. The agency also released a set of frequently asked questions to provide guidance on the new reporting requirements, including who is responsible for filing and how FinCEN will enforce the requirements.

In December, FinCEN said it will allow financial institutions to access information from a newly created BOI database to help them conduct certain sanctions-related due diligence (see 2312210017).