WASHINGTON—The Financial Crimes Enforcement Network plans to establish a contact center it said will assist small business owners in filing beneficial ownership reports, respond to questions from the public and reduce regulatory burden.
FinCEN’s Beneficial Ownership Information (BOI) reporting requirements will take effect Jan. 1, 2024.
During a speech in Lexington, Ky., Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson said the agency is taking steps to familiarize communities with FinCEN and help businesses prepare for compliance, including the establishment of a contact center, Banking Journal reported.
“He didn’t provide many details about the center but added that the agency will also soon publish a Small Entity Compliance Guide, which will describe ‘in simple, easy-to-read language’ each provision of the BOI rule,” Banking Journal added.