Beneficial Ownership Information (BOI) Reporting
Understanding Beneficial Ownership Information (BOI) Reporting: A Guide for Business Owners
What is Beneficial Ownership Information (BOI) Reporting?
Beneficial Ownership Information (BOI) reporting refers to the mandatory disclosure of information about individuals who have significant control or ownership interests in a business entity. The primary goal of BOI reporting is to enhance corporate transparency. By identifying the individuals behind corporate entities, regulatory bodies can better track and prevent money laundering, fraud, and other illicit activities.
The Financial Crimes Enforcement Network (FinCEN), under the U.S. Department of the Treasury, oversees BOI reporting. FinCEN's new requirements aim to close loopholes that allow anonymous entities to hide their true owners.
Who Needs to Report?
A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of a reporting company’s ownership interests.
Your company must report beneficial ownership information to FinCEN if it falls into one of the following categories:
- Corporations, Limited Liability Companies (LLCs), or similar entities created by the filing of a document with a secretary of state or any similar office in the United States.
Foreign companies formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
When To Report?
FinCEN began accepting reports on January 1, 2024. Here are the key deadlines for reporting:
- Companies Created or Registered Before January 1, 2024, must report BOI by January 1, 2025.
- Companies Created or Registered in 2024 must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
- Companies Created or Registered On or After January 1, 2025, must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
- Updates or Corrections to previously filed beneficial ownership information must be submitted within 30 days
To learn more about BOI reporting and requirements, visit the following FinCEN resources:
- Beneficial Ownership Information Reference Guide: https://www.fincen.gov/sites/default/files/shared/BOI-Notice-to-Customers-508FINAL.pdf
- FinCEN’s FAQ webpage at: www.fincen.gov/boi-faqs.
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What our customers are saying
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I have been with FNC bank for over 20 years and even though I have moved, I like the small town bank so I continue my accounts there.Christyl
Andrea
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I have been a patron of the Bank since 1974. Never had a bad experience, and was always able to work with the bank to solve my banking needs.Arthur
MarkIf I could give them 10 stars I would! [Business Banker] has been awesome to work with. He made my business start up process so easy. I'm so grateful for him and the other staff who have just been awesome to work with.
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FNC Bank has been our bank for over a decade. The customer service is first rate and I love the small town branch vs the big banks.Karin
Really great bank, down to earth and personal. Does not have the corporate feeling vibe, long holds on the phone etc. High quality experience for sure.Shawn
Great small town bank, I love that they know who you are when you walk in the door or call.Errin
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Tiffany[Mortgage Lender] was fantastic at FNC Bank! He helped my family get a loan for our new home. We got a construction loan for a house/barndominium. I’ve always heard it can be a difficult process with a bank to get a loan for this type of home and he made it easy. He’s always helpful with any question I have and will give you a great experience.
