WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information (BOI) Frequently Asked Questions to include new answers related to number of general questions.
The topics addressed include the reporting process, reporting companies, reporting requirements, initial reports, updated reports, compliance and enforcement, FinCEN identifiers, and third-party service providers.
Beginning Jan. 1, 2024, many companies in the United States will have to report information about their beneficial owners—the individuals who ultimately own or control the company.
New Year’s Deadline
Companies will be able to begin reporting beneficial ownership information to FinCEN at that time. FinCEN said will continue to provide guidance on how to submit beneficial ownership information, the agency said.
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