By Kathy Pierce, NPA Government Relations Liaison
The Financial Crimes Enforcement Network (FinCEN) issued its final rule on Beneficial Ownership Information (BOI) in fall of 2022. The rule’s intentions are to “protect the U.S. financial system from illicit use.” It is expected to affect more than 32.5 million business in the United States.
The first reports of Beneficial Ownership Information (BOI) will be mandatory to file in 2024. Any corporation or limited liability company (LLC) will be required to send BOI to the new FinCEN secure system. Individuals who own or control 25% or more of the company will be obligated to make a separate report. The material needed from the company is: legal name of business, street address for place of business and tax identification number. The individual would supply: full legal name, date of birth, residential address and an image of a U.S. passport, current state driver’s license, or current state, local or tribal identification document. An alternative is offered to…